The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Communications Commission (NCC), has announced plans to introduce a universal short code designed to simplify and speed up the resolution of banking complaints nationwide.
The initiative is aimed at providing bank customers with a more accessible complaint-handling channel, regardless of their access to smartphones or internet connectivity. With the new system, customers will be able to lodge complaints and engage their banks by dialing a simple short code, eliminating 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 would help bridge the digital divide that has limited many customers’ ability to resolve banking issues. She explained that the universal short code would ensure inclusive access to complaint-resolution mechanisms for all bank customers.
Dr. Isa-Olatinwo noted that the apex bank has strengthened its consumer complaint management framework and enhanced collaboration with deposit money banks, which she described as frontline protectors of Nigeria’s financial system. According to her, these efforts have improved efficiency and accountability, with about 94 per cent of consumer complaints resolved within one month of submission.
Findings from a recent poll by Enhancing Financial Inclusion and Advancement (EFInA) highlighted key challenges faced by bank customers. 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 received refunds within 24 hours, while 54 per cent experienced delays of between 24 and 48 hours. Other concerns identified included fraud (6 per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
Consumer rights advocates have called for stronger protection measures. Mrs. Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), expressed concern that consumers often perceive regulators as siding with service providers. She advocated the introduction of fraud insurance to enable faster refunds in disputed cases and reduce the burden on consumers during investigations.
Also speaking, Mr. Adeyemi Salisu of the Committee of e-Business Industry Heads (CeBIH) stressed that customers should not be referred to merchants in cases of failed transactions. He said the responsibility for resolving such issues rests with the acquiring and issuing banks, which must work together to ensure timely and satisfactory outcomes for customers.
