The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Communications Commission (NCC), has announced plans to introduce a universal short code that will enable bank customers to lodge complaints easily, regardless of internet connectivity.
The initiative is aimed at improving access to financial services, particularly for vulnerable consumers who do not use smartphones or have reliable internet access. With the new system, customers will be able to contact their banks and seek redress for complaints through a simple short code, eliminating the need for physical visits to banking halls.
The Director of Consumer Protection and Financial Inclusion at the CBN, Dr. Aisha Isa-Olatinwo, disclosed the plan, stressing that many customers currently face barriers in resolving banking issues due to digital limitations. According to her, the proposed short code will ensure inclusivity by giving all customers equal access to complaint resolution channels.
Dr. Isa-Olatinwo also revealed that the CBN has strengthened its consumer complaint management framework and deepened collaboration with deposit money banks to serve as frontline protectors of the financial system. She noted that the apex bank now resolves about 94 per cent of consumer complaints within one month of being reported, reflecting improvements in efficiency and accountability.
Poll Highlights Consumer Pain Points
Findings from a recent poll conducted by Enhancing Financial Inclusion and Advancement (EFInA) revealed persistent challenges faced by banking customers. According to the survey, 61 per cent of respondents experienced failed transactions within the past year, while 66 per cent said they were aware of how to lodge and escalate complaints.
On transaction reversals, 26 per cent of respondents reported receiving refunds within 24 hours, while 54 per cent said reversals took between 24 and 48 hours. The poll also showed that six per cent of respondents experienced fraud, 14 per cent complained of hidden charges, and 15 per cent cited poor customer service.
Consumer rights advocates at the forum called for stronger protection mechanisms. The President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs. Sola Salako-Ajulo, observed that many consumers believe regulators tend to side with service providers, leaving customers disadvantaged in dispute resolution.
She proposed the introduction of fraud insurance that would enable immediate refunds in disputed cases, with the burden of proof temporarily shifted away from consumers while investigations are ongoing.
Clarifying procedures on failed transactions, Mr. Adeyemi Salisu, representing the Committee of e-Business Industry Heads (CeBIH), emphasized that customers should not be referred back to merchants. He explained that resolving such disputes is the responsibility of the acquiring and issuing banks, which must work directly to ensure prompt and satisfactory resolution for customers.
