The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Communications Commission (NCC), has announced plans to introduce a universal short code for banking complaints as part of efforts to enhance consumer protection and financial inclusion.
The proposed 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 reach their banks directly to report issues and seek redress, reducing the need for physical visits to bank branches.
Speaking on the initiative, the CBN’s Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, said the move 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 ensure inclusivity by granting all customers 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 protecting the financial system. According to the CBN, about 94 per cent of consumer complaints are now resolved within one month of submission, reflecting improvements in efficiency and accountability.
Meanwhile, recent findings from a survey conducted by Enhancing Financial Inclusion and Advancement (EFInA) highlighted key consumer pain points in the banking sector. The poll 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 reported waiting between 24 and 48 hours. Other issues identified included fraud (6 per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
Consumer rights advocates have also called for stronger protection measures. President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs Sola Salako-Ajulo, said many consumers perceive regulators as being more inclined toward service providers. She suggested the introduction of fraud insurance to enable quicker refunds in disputed cases, with the burden of proof temporarily shifted from consumers during investigations.
In addition, Mr Adeyemi Salisu, representing the Committee of e-Business Industry Heads (CeBIH), clarified that in cases of failed transactions, customers should not be redirected to merchants. He stressed that responsibility lies with both the acquiring and issuing banks, which must work together to resolve disputes promptly and satisfactorily.
The planned universal short code is expected to further streamline complaint resolution processes and strengthen confidence in Nigeria’s banking system.
