Nigeria’s consumer protection watchdog says banks and fintechs remain the leading sources of customer grievances, with over 4,600 complaints filed between March and August 2025.
The Federal Competition and Consumer Protection Commission, in a sectoral report released Thursday, said it secured more than N10bn ($6.7m) in refunds for affected consumers during the five-month period.
The banking sector topped the list, accounting for 3,173 complaints — the highest from any single industry.
The fast-moving consumer goods sector ranked second with 1,543 complaints, followed by fintech companies with 1,442, and the electricity sector with 458. Other industries flagged included e-commerce, telecommunications, aviation, and logistics.
Grievances ranged from unfair charges, service disruptions, and unauthorised deductions to deceptive marketing, product defects, inadequate disclosure of contract terms, and delays in resolving customer issues.
According to the FCCPC, it resolved 9,091 complaints within the five-month period, securing refunds and remedies worth over N10bn for affected consumers.
“These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in accessing essential services,” said Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, in a statement posted on X (formerly Twitter). “The commission is determined to hold businesses accountable, ensure compliance with the Federal Competition and Consumer Protection Act, and promote fair market practices that safeguard the welfare of all consumers.”
The commission observed that the banking sector remains the dominant source of complaints, both by volume and financial exposure, with recurring issues tied to loan deductions, unexplained charges, and failed electronic transactions.
It said the pattern underscores persistent weaknesses in customer service and dispute-resolution systems within the sector. The FCCPC pledged to collaborate with the Central Bank of Nigeria to strengthen consumer protections and enforce greater accountability among financial institutions.
Complaints against fintech services ranked third, underscoring Nigeria’s increasing reliance on digital finance and investment platforms. The FCCPC noted recurring disputes in digital lending and online investment schemes, with consumers reporting hidden charges, predatory practices, and in some cases, outright fraud.
The regulator emphasized that the trend highlights the need for stronger collaboration with the Central Bank of Nigeria to oversee fintech operations and shield consumers from exploitative practices in the fast-growing digital economy.
The electricity sector ranked fourth with 458 complaints, mostly linked to estimated billing, metering disputes, and prolonged outages.
According to the FCCPC, the grievances underscore the urgent need for improved coordination between the Nigerian Electricity Regulatory Commission, state regulators, and distribution companies to tackle persistent consumer dissatisfaction in the power sector.
While average losses in e-commerce disputes were smaller compared to banking or fintech cases, the FCCPC said the sheer volume of complaints pointed to widespread consumer vulnerability at the retail level.
It also highlighted a surge in grievances tied to digital lending, microfinance, and investment schemes, coinciding with the rollout of its new digital lending regulations.
The rules aim to curb abusive practices, enhance transparency, and ensure digital finance operators adhere to fair market standards.
“The protection of consumer rights is at the heart of our mandate,” the FCCPC stated. “We will continue to ensure that businesses in Nigeria uphold the highest standards of fairness, transparency, and accountability.”
