<\/p>\n
\n Accra, Jan 18, GNA- The Bank of Ghana (BOG) in the first half of 2021 facilitated the payment of about GHC 2.14 million to customers who filed complainants with the central bank.<\/p>\n
A breakdown of the amount shows that a total of GH\u00a2396,000, \u00a320,414.37 and US$250,000.00 were paid by some regulated institutions as compensation or refunds to customers with issues that have merits based on the BOG market conduct rules for its regulated entities. <\/p>\n
This is captured in a Report on Complaints Management Function released by the Financial Stability Department of the BOG. <\/p>\n
In all, a total of 321 complaints were received directly from customers of banks, non-deposit taking financial institutions and Specialised deposit-taking institutions (SDI), which include savings and loans companies, finance houses, rural and community banks, and microfinance companies. <\/p>\n
The report said the complaints were made either through phone calls, emails, social media posts, WhatsApp, and walk-ins and related to unfair banking practices such as illegitimate charges and unauthorised debit of accounts. <\/p>\n
Others were related to disagreements over the computation of interest and extension of loan tenors; disputes and delays relating to updates of credit reports; inability to access matured investments; Automated Teller Machine (ATM) and money transfer related issues as well as mortgage issues. <\/p>\n
Complaints within the first half of the year have seen a 27. 87 per cent drop compared to 445 complaints recorded in 2020. <\/p>\n
\u201cThe decline is largely attributable to the increased awareness of the general public to seek redress from the respective financial institution as a first level in the complaints resolution process,\u201d the report said. <\/p>\n
It also showed a decline in its resolution rate compared to the same period 2020, attributable to locked-up funds with distressed SDIs, the requirement of more documentation to facilitate determination and \u201ccomplexity of the complaints and the availability of complainants for mediation processes\u201d. <\/p>\n
\u201cOut of the total number of complaints received from customers, 199 complaints were resolved within the required timelines representing a resolution rate of 61.99 per cent.\u201d <\/p>\n
\u201cThis represented a decline of 20.7 per cent compared to 368 complaints resolved in the same period of 2020\u201d the report noted. <\/p>\n
Within the period under review, there were 144 complaints filed against banks, 51 against financial houses, 54 against savings and loans companies and 44 complaints lodged against microfinance institutions. <\/p>\n
Respectively, there were 7, 4, and 17 against Rural Community Banks, Mobile Telecommunication Networks, and other regulators.
GNA <\/p>\n
KK<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Accra, Jan 18, GNA- The Bank of Ghana (BOG) in the first half of 2021 facilitated the payment of about GHC 2.14 million to customers who filed complainants with the central bank. A breakdown of the amount shows that a total of GH\u00a2396,000, \u00a320,414.37 and US$250,000.00 were paid by some regulated institutions as compensation or […]<\/p>\n","protected":false},"author":1,"featured_media":756000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2244,1325,2245,2246,199,2247],"class_list":["post-755999","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-compensation","tag-financial","tag-ghc21m","tag-institutions","tag-paid","tag-refund"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/755999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=755999"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/755999\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=755999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=755999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=755999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}