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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Mahama speaks at 2023 Korea Africa Business Summit

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

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    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

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    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

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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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