The Central Bank of Nigeria (CBN) has introduced a new Unstructured Supplementary Service Data (USSD) code to enable Nigerians to verify the authenticity of banks and other financial service providers operating in the country.

In Episode 11 of its ongoing Consumer Education Series, the apex bank announced that members of the public can now confirm whether a financial institution is licensed and regulated by the CBN by simply dialing *959#. The service provides direct access to the CBN’s official database, helping consumers guard against fraud and dealings with unlicensed operators.

According to the CBN, the initiative is part of broader efforts to strengthen consumer protection, promote financial literacy, and enhance trust in the financial system. The bank urged Nigerians to stay informed and take advantage of the platform to protect their money.

“Consumers are encouraged to verify financial institutions before transacting, especially with the rise in digital financial services,” the CBN noted, while also advising the public to follow subsequent episodes of the Consumer Education Series for more safety tips.

Earlier, in Episode 10 of the series, the CBN focused on educating consumers on how to lodge complaints arising from banking transactions. The bank outlined steps for resolving issues such as wrongful debits or credits and excessive charges, advising affected customers to report such matters immediately to the financial institution involved and ensure they receive a reference or tracking number as proof of complaint submission.

However, the CBN’s renewed consumer education push has attracted criticism on social media platform X (formerly Twitter), with some users accusing the apex bank of failing to adequately address complaints escalated to it.

One user, Kayode Abraham, alleged prolonged inaction by the regulator. “I lodged a complaint over a month ago to @cenbank of an error transfer from my account from @gtbank to @OPay_NG but @cenbank has done absolutely nothing,” he wrote. “Coming here now to educating consumers is nothing but a ruse and farce. Treat my case with urgency and I’ll take you serious.”

Another user, Ammar Abdulahi, claimed unresolved issues despite escalating his case. “No overdraft requested. Despite complaints to bank and CBN escalation, no resolution, and my BVN is watchlisted, restricting all banking. This is unfair and impacts my life severely,” he wrote, calling for a reversal of charges and removal from the watchlist.

The CBN has yet to publicly respond to the specific complaints, but the developments highlight growing public expectations for faster dispute resolution alongside consumer education initiatives in Nigeria’s financial sector.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).