A New Channel for Faster Consumer Complaints

The Central Bank of Nigeria (CBN) has announced plans to collaborate with the Nigerian Communications Commission (NCC) on the rollout of a single, industry-wide short code designed to make it easier for bank customers to submit complaints and seek resolution.

The initiative aims to create a simpler and more accessible complaints process across Nigeria’s financial sector, particularly for customers who rely on basic mobile phones or lack consistent internet access.

Designed With Vulnerable Consumers in Mind

The disclosure was made by Dr Aisha Isa-Olatinwo, Director of the Consumer Protection and Financial Inclusion Department at the CBN, during a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, organised by Enhancing Financial Innovation and Access (EFInA).

According to Isa-Olatinwo, the proposed short code will allow consumers to reach their banks and other financial institutions at any time, regardless of internet availability.

“We are working with the NCC to develop an industry short code that will enable consumers to reach their financial institutions anytime, with or without internet access,” she explained.

Addressing Confusion in a Converging System

Isa-Olatinwo acknowledged that Nigeria’s financial ecosystem increasingly overlaps with the telecommunications sector, often leaving customers uncertain about where to direct complaints when issues arise. She noted that the CBN has simplified its internal processes and strengthened collaboration with banks to improve response times.

She revealed that the apex bank now records approximately 94 per cent month-on-month timely resolution of consumer complaints, reflecting progress in dispute handling across the industry.

What Consumers Are Experiencing

Data from an EFInA poll shared during the event highlighted key pain points faced by financial services users:

• 66% of respondents understand how to lodge and escalate complaints
• 61% experienced failed transactions within the past year
• 26% had failed transactions reversed within 24 hours
• 54% received reversals between 24 and 48 hours
• 6% encountered fraud-related issues
• 14% reported hidden charges
• 15% cited poor customer service

Calls for Stronger Consumer Protection

Speaking at the town hall, Mrs Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), said many Nigerians still feel exposed and believe regulatory bodies often side with service providers.

She advocated for the introduction of fraud insurance, suggesting that banks should immediately refund customers affected by fraud and then proceed with investigations afterward, rather than delaying compensation.

Clarifying Responsibility in Transaction Disputes

On the issue of failed transactions, Mr Ajibade Laolu-Adewale, Chairman of the Committee of e-Business Industry Heads (CeBIH)—represented by Mr Adeyemi Salisu—emphasised that customers should not be redirected to merchants for resolution.

“The dispute is between the acquiring bank and the issuing bank. Bank staff must never send customers back to the merchant. Regulation already states that for every dispute, the two banks must engage and resolve it so the consumer can be satisfied,” he stated.

Looking Ahead

With the planned introduction of a unified complaints short code, regulators hope to close existing gaps in consumer access and protection. The initiative signals a broader effort to ensure financial inclusion, accountability, and faster resolution of customer issues across Nigeria’s evolving digital financial landscape.