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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    Cedi Summit comes off today at Alisa Hotel

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

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Banks defy BoG’s directives on customer complaints, data protection – Survey reveals

byLawrence Segbefia
June 8, 2020
in Banking And Finance, Top Stories
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A market survey by the Bank of Ghana (BoG) has shown that some banks are breaching its Consumer Recourse Mechanism Guidelines for Financial Service Providers.

As a result, it has vowed to enforce all legal tools available to ensure compliance by the financial institutions.

Among the key findings were the inadequate time given loan defaulters to repay their loans and under reporting of customer complaint data to the central bank.

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According to the Bank of Ghana, its onsite examinations lasted for four months; between November 2019 and February 2020.

Eight banks representing about 35% of all banks were included in the survey.

The team from the market conduct office looked at six broad areas such as Board and Management oversight of the complaints handling function, unfair banking practices and privacy and data protection issues.

Among other things, the team observed that while consumer reporting officers failed to report to the board, the banks in turn also failed to share same with the regulator.

In addition, frontline staff and loan officers were not given adequate training on the consumer directives issued by the central bank.

For unfair banking practices, the team says its survey showed that customers’ savings accounts were charged for over the counter withdrawals below stipulated minimum amounts.

Also, the team found out that the maximum penalty of 0.25% for early repayment of loans was breached, while customers were automatically signed onto E-banking products and services and consequently charged without their explicit consent.

Again, the survey found out that some borrowers were not provided with pre-agreement disclosure statements prior to the signing of loan agreements.

Meanwhile, the banks were found to be complicit of not properly disposing of abandoned forms or slips used by customers for balance enquiries and other transactions thereby exposing customer personal details to third parties.

Regarding marketing and advertising and ambience for banking, the banks surveyed were found to have defaulted in delivering on their 24 hour loan disbursement promises and having banking halls and ATMs not being friendly to physically challenged persons.

Aside the onsite survey, it has emerged that the Market Conduct Office has since 2019, been receiving an average of 30 complaints per week with issues resolved within 20 days.

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