Consumers of banking services in Nigeria are facing escalating frustrations as complaints surged by a staggering 143% in 2025, according to new data published by the Central Bank of Nigeria (CBN). The number of reported grievances skyrocketed from 4,016 in 2024 to a record-breaking 9,771 last year, highlighting widespread dissatisfaction with banking services across the country.
The CBN’s Consumer Protection Department revealed that most complaints centered on failed electronic transactions, unauthorized debits, and ATM-related issues. Other major problems included excess charges, card dispensing errors, and unsatisfactory customer service.
In response, the CBN ramped up efforts to resolve these issues, successfully addressing 9,771 cases and ensuring that affected customers received over N76 billion in refunds. This impressive intervention demonstrates the CBN’s commitment to protecting consumers and maintaining trust in the financial system.
However, the dramatic rise in complaints has sparked concerns about the reliability of Nigeria’s banking sector, especially as digital transactions become more prevalent. Experts urge banks to strengthen their infrastructure, improve transparency, and enhance customer support to prevent further erosion of public confidence.
As the CBN continues its mission to safeguard customers, industry watchers are calling for stricter regulatory oversight and more robust technology to match the pace of Nigeria’s rapidly evolving financial landscape. The surge in complaints serves as a wake-up call for financial institutions to prioritize customer experience in an increasingly digital economy.
