The Competition and Consumer Protection Commission (CCPC) has disclosed that of all the 39 cases it received concerning ZANACO, the Bank was not found wanting under the Competition and Consumer Protection Act (CCPA) No.24 of 2010, and that all the complaints brought before the Commission were fully resolved.
CCPC Public Relations Officer Rainford Mutabi said the commission investigated and concluded a cumulative 117 cases relating to the provision of banking and financial services in 2021. Out of the 117 cases, 39 cases from the public were concerning challenges to do with services offered by the Zambia National Commercial Bank (ZANACO).
In response to the Zambian Business Times – ZBT, Mutabi said the 39 ZANACO complaints that were handled by the Competition and Consumer Protection Commission were all investigated. He explained that the complaints bordered on failure to reverse failed transactions within time, delays in refunding complainants for failed ATM transactions, queries on increased loan tenure/instalments, unauthorized deductions on customers’ accounts and delays in processing digital payments.
He further urged the public to report to the Commission all complaints relating to unsolicited deductions, queries in loan deduction periods and amounts, unfair clauses in contracts, delays in transfer/reversal of funds, over or double deductions for transfers/ withdrawals, display of disclaimers when accessing financial services among others were the financial institutions fail to resolve them in a satisfactory manner.
The Public Relations Officer however said, it is important to note that in a situation where a complaint brought to the Commission is outside its mandate, the Commission refers the complaint to the relevant authority/investigative wing.
Mutabi mentioned that the Commission handles cases where customers suffer continued deductions after fully settling loans, reversal of failed ATM transactions where funds have been debited, cases to do with extended loan tenures/increased repayment instalments and wrongful listing on the Credit Reference Bureau.
Other cases that the commission handles include failure to have access to funds in one’s account, unauthorized deduction on customer accounts and delays in processing digital payments.
He said the banking sector has continued to advance technologically and this has seen a potential in vulnerable customers being exploited due to lack of adequate knowledge therefore it is imperative that consumers with plausible suspicion of unfair treatment in their interaction with banking financial service providers come through to the Commission or any relevant Regulator (authority) and seek assistance.
Mutabi mentioned that it is also important to note that the Commission, through Memoranda of Understanding with other regulators is also able to undertake joint investigations with other regulators. In this sector, the Commission works in consultation with the Bank of Zambia to achieve comprehensive complaint resolution and customer satisfaction.
