In order to fill regulatory gaps, encourage standardization in the handling of complaints, and address new practices in the sector, the Bank of Ghana (BoG) has issued consumer protection instructions.
The directives include the Consumer Recourse Mechanism Guideline for Financial Service Providers, 2017, Disclosure and Product Transparency Guidelines for Credit Products and Services, 2021 Notification on Sanctions for the Issue of Dud Cheques, and 2021 Directive on Unclaimed Balances and Dormant Accounts.
The development reinforces the central bank's commitment to assisting the sector in enhancing customer experience and service delivery.
A statement issued by the central bank today said “the Bank of Ghana is committed to empowering consumers through financial literacy and sensitization programs, ensuring timely resolution of consumer complaints, providing a legal framework that adequately protects consumers, while helping the industry improve on customer service delivery and experience.”
It said the measures indicate the degree of focus on consumer rights and interests.
It said as part of its supervisory functions, the Bank promptly identifies systemic issues in product and service designs, channels, systems, and third-party arrangements and determines consumers’ level of satisfaction and appreciation of their rights in procuring products and services from Financial Service Providers.
It said as new products and services are introduced onto the market, the Bank ensures they fully address consumer interest and all disclosures are front-loaded.
“The Bank embarks on all-year-round financial literacy programme which targets the most vulnerable in society.
In addition, the Bank hosts annual workshops for banks' consumer reporting and compliance officers to identify the underlying causes of all recurrent complaints and offer guidance on how to reduce their frequency, according to the statement.
"While we congratulate our customers, it is our sincere desire and expectation that regulated institutions would consider consumer complaints as a gauge of the effectiveness of the redress systems, and a motivation for the improvement of our consumer protection measures," the statement read.
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