Higher interest rates drive bank customer complaints
Friday, March 31, 2023 | 320 Views |
Peacekeeper: Maotwanyane investigates bank customers’ complaints against banks
Data from the Banking Ombudsman has revealed complaints that flooded Gabriel Maotwanyane’s office ranged from customers who defaulted on their loans to those who lost their properties after being retrenched.
The Office of the Banking Ombudsman was established by the Bankers Association of Botswana in 2002 to investigate and mediate customer complaints against commercial banks.
That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...