The National Bank of Ethiopia (NBE) has launched an online platform and a dedicated hotline (7230) to help customers file complaints against financial institutions.
The initiative is part of NBE’s broader efforts to address prevalent issues within the financial sector, such as aggressive sales tactics, misleading advertising, and lack of transparency, according to a statement posted on NBE’s website.
The online platform allows consumers to file complaints against financial institutions if they are unable to resolve issues internally. If a complaint remains unresolved for ten business days, consumers can “escalate” the matter to NBE.
NBE established the Financial Consumer Protection and Education Directorate (FCPED) after the Financial Consumer Protection Directive was passed into law in 2020. The FCPED’s role is to promote financial inclusion, trust, and stability in the financial system.
The directive mandates all financial institutions to set up internal complaint-handling units. These units must receive and address complaints in multiple languages, provide unique tracking numbers, and conclude investigations within ten working days.
Consumers who are dissatisfied with the resolution provided by the financial institution or who have not received a response can appeal to the NBE.
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