Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) says it helped dissatisfied customers reclaim over ₦10 billion ($6.66 million) in refunds from banks, fintechs, and other service providers between March and August 2025. The refunds came from 9,091 resolved complaints lodged on the commission’s consumer complaints portal, it disclosed on Thursday.
The disclosure underscores just how deeply consumer frustrations are running across financial and essential services. Banking and fintech dominate the pile, both in the number of cases and financial impact, highlighting consumer vulnerability in essential, high-value services.
Banking topped the list with 3,173 complaints, far ahead of fast-moving consumer goods (1,543), fintech (1,442), and electricity (458). Other sectors flagged included e-commerce (412), telecoms (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
“These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services,” FCCPC CEO Tunji Bello said.
The commission noted that the growth in complaints reflects the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress.
Banking and fintech were the biggest culprits by financial impact, dominated by loan deduction disputes, unfair charges, and unauthorised debits.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN),” the commission said.
While there have been concerns about whether the commission is encroaching on the CBN’s territory, Bello, in 2024, revealed that under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.
Other consumer grievances, across sectors, included unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
E-commerce disputes are smaller in value but rising fast, mostly tied to failed deliveries, refunds, and counterfeit goods. The FCCPC said these trends highlight the fragility of consumer protection in the digital economy.
The commission noted that digital lending, investment schemes, and microfinance services complaints are also rising, coinciding with the unveiling of its new regulation, which aims to curb abuses in the digital lending sector.
In July, the FCCPC warned that digital lenders face fines of up to ₦100 million ($66,572) or 1% of turnover for abusive practices.
The consumer watchdog said it is intensifying monitoring, enforcement, and collaboration with sector regulators, with a focus on financial and utility services.
“The Commission encourages regulated entities to study these data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably,” it added.
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