The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are finalising plans to introduce a universal short code to simplify and speed up the resolution of banking complaints nationwide.
The initiative will allow bank customers to lodge complaints by dialling a single short code, regardless of internet access or smartphone ownership. Officials say the move will reduce reliance on bank branches and improve access to redress, especially for underserved customers.
Dr. Aisha Isa-Olatinwo, CBN Director of Consumer Protection and Financial Inclusion, said the project addresses Nigeria’s digital divide by giving all customers equal access to complaint channels.
The apex bank noted that it has strengthened its consumer complaint framework and collaboration with deposit money banks, achieving about a 94 per cent complaint resolution rate within one month.
However, data from EFInA highlights persistent issues: 61 per cent of respondents experienced failed transactions in the past year, while refunds often took up to 48 hours. Fraud, hidden charges, and poor customer service also ranked among the top complaints.
Consumer advocates have urged stronger protections. Mrs. Sola Salako-Ajulo, CAFON President, called for fraud insurance to enable quicker refunds, while industry representatives stressed that banks, not merchants, are responsible for resolving failed transaction disputes.
