The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Communications Commission (NCC), has concluded an arrangement to launch a universal short code for banking complaints.
This is aimed at strengthening consumer protection and advancing financial inclusion across the country.
The planned initiative is designed to provide bank customers with a simple, fast and accessible channel to lodge complaints.
The short code will enable customers to reach their banks directly to report issues and seek redress, consequently reducing physical visits to bank branches.
CBN’s Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, said the initiative was as a result of persistent digital limitations faced by many customers’ in resolving banking-related challenges effectively.
Isa-Olatinwo noted that the initiative will promote inclusivity by ensuring that all customers, including those in underserved areas, have equal access to complaint resolution mechanisms.
She also added that the apex bank has strengthened its consumer complaint management framework and deepened collaboration with deposit money banks, which serve as frontline institutions in protecting the integrity of the financial system.
She disclosed that about 94 per cent of consumer complaints received by the CBN are now resolved within one month of submission, reflecting significant improvements in efficiency, responsiveness and accountability within the banking sector.
A recent survey conducted by Enhancing Financial Inclusion and Advancement (EFInA) had revealed that 61 per cent of respondents encountered failed transactions in the past year, while 66 per cent were aware of procedures for lodging and escalating complaints.
On transaction reversals, the poll showed that 26 per cent of respondents received refunds within 24 hours, while 54 per cent reported waiting between 24 and 48 hours. Other challenges identified included fraud cases (six per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
