The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have announced plans to introduce a universal short code for banking complaints as part of efforts to strengthen consumer protection and deepen financial inclusion.
The initiative is designed to provide bank customers with a simple and efficient channel to lodge complaints, regardless of their access to smartphones or internet connectivity. By dialling a dedicated short code, customers will be able to contact their banks directly to report issues and seek redress, reducing the need for physical visits to bank branches.
CBN’s Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, said the proposal was informed by the persistent digital divide that prevents many customers from effectively resolving banking-related challenges.
She noted that the universal short code would promote inclusivity by ensuring that all customers have equal access to complaint resolution mechanisms.
Dr Isa-Olatinwo added that the apex bank has strengthened its consumer complaint management framework and intensified collaboration with deposit money banks, which serve as frontline institutions in safeguarding the financial system.
According to the CBN, about 94 per cent of consumer complaints are now resolved within one month of submission, reflecting notable improvements in efficiency and accountability.
Meanwhile, findings from a recent survey conducted by Enhancing Financial Inclusion and Advancement (EFInA) highlighted key consumer pain points in the banking sector. The survey revealed that 61 per cent of respondents experienced failed transactions in the past year, while 66 per cent were aware of procedures for lodging and escalating complaints.
On transaction reversals, 26 per cent of respondents received refunds within 24 hours, while 54 per cent waited between 24 and 48 hours. Other issues identified included fraud (six per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
