Bank Customers’ Complaints Rise by 143% as CBN Resolves 9,771 Cases

The Central Bank of Nigeria (CBN) said it resolved 9,771 out of 10,704 bank customers’ complaints in the first half of the year (H1’25).

CBN disclosed this in its latest Financial Stability Report, noting that the number of complaints received in H1’25 grew by 143.3 percent year-on-year (YoY) from 4,398 complaints in H1’24.

“The total number of complaints received by the bank rose by 143.38 per cent to 10,704 from 4,398 in the second half of 2024.”

According to CBN, the increase was due to several factors including greater public awareness of consumer rights, regulatory emphasis on complaint reporting and enhanced customer confidence in the bank’s complaint resolution and redress framework.

“A breakdown of the complaints revealed that 53.45 and 46.55 per cent were lodged against CMNBs and Other Financial Institutions, OFIs, respectively. “In terms of categorisation, Electronic/Cards-related complaints accounted for 51.50 per cent; Fraud, 39.27 per cent and Account Management, Excess charges and others accounted for the balance.

“A total of 9,771 complaints were resolved/closed, indicating an increase of 4.57 per cent from 9,344 complaints resolved/closed in the preceding half-year.

“Total claims amounted to N21.42 billion and $5.09 million as against N4.53 billion and $1.05 million, in the second half of 2024, while the sums of N7.17 billion and $3,432.20 were refunded to complaints.”