Nigerians across the country continue to voice their dissatisfaction with banks and fintech firms, as revealed by the Federal Competition and Consumer Protection Commission (FCCPC) in its latest sectoral complaints report. From March to August 2025, the agency recorded over 4,600 complaints against these financial institutions, with banks alone accounting for 3,173 cases. This makes banking the largest source of disputes during the period, a trend that echoes the 2024 data where banking complaints formed 42 percent of all logged cases.
Residents like Kenneth, Alice Ilewu, and Mr Yemi, who spoke to Fairview Africa about their personal encounters, highlight the everyday realities behind these numbers. Their stories provide a fresh lens on the persistent issues in customer service, showing how ordinary people navigate the challenges in Nigeria’s financial sector.
Kenneth, reflecting on his recent interactions, expressed a positive view amid the broader complaints. “Actually the banking system are trying their best to improve their banking system because for the past few months my experience with the banking system is perfect I get what I expected whenever I go to the banking hall so I think they are trying their best,” he said. His experience stands out against the FCCPC’s findings, where common grievances include unfair charges, service failures, unauthorized deductions, and deceptive marketing practices. Despite such optimism from some users, the data shows that banking disputes often centre on loan deductions, unexplained charges from accounts, and electronic transactions that fail to process correctly.
In contrast, Alice Ilewu described the delays that disrupt daily life for many consumers. “The experience that I have with bank is that bank use to waste our time most especially me. I go bank one certain time, the day wey I go I was thinking they will settle me they say I should come back the next day when I go back they said I should go back again almost one week I just dey go bank I almost have problem in my work place so bank should try not to dey waste time,” she said. Her account aligns with the FCCPC’s report on delays by service providers in resolving matters within reasonable timeframes. These issues contribute to the overall 9,091 complaints handled and settled by the commission during the five months, leading to recoveries exceeding N10 billion (approximately $6.7 million) for affected consumers. This resolution rate marks a 110 percent increase in cases closed compared to the same period in 2024, when the agency managed around 4,200 disputes.
Mr Yemi shared similar frustrations with network problems and difficulties in accessing funds. “I use to have problem with customer care very well sometimes I go to bank they will be telling me no network, sometimes my money will be in the bank for me to collect it is hard for now I just leave the bank issue one side,” he said. His experiences underscore the gaps in customer service and systems for handling disputes within the industry, as noted in the FCCPC’s analysis. Fintech companies, with 1,442 complaints, rank third after fast-moving consumer goods (FMCGs) at 1,543 cases. The fintech sector’s rapid growth, expanding at a compound annual growth rate (CAGR) of 25 percent since 2020 and reaching an estimated $2.1 billion in value by mid-2025, has led to over 40 million active accounts. However, this expansion brings conflicts in digital lending and online investment setups, including hidden charges, predatory tactics, and outright fraud.
The electricity sector follows with 458 reported cases, mostly linked to estimated billing methods, disagreements over metering installations, and extended periods without power supply. In the first quarter of 2025 alone, electricity consumers filed more than 254,000 complaints nationwide, with billing and metering problems accounting for 68 percent of them, according to sector monitoring data. This points to the need for improved coordination between the Nigerian Electricity Regulatory Commission (NERC), state regulators, and electricity distribution companies.
E-commerce also features prominently, with shoppers citing failed deliveries, delays in processing refunds, and sales of counterfeit goods. Nigeria’s e-commerce market, valued at approximately $8.53 billion in 2025, is expected to grow at a CAGR of 11.8 percent through 2033. User penetration stands at 29 percent in 2025, projected to rise to 32 percent by 2030, driven by improved access to technology, a younger tech-savvy population, and a wider variety of products and services available online. While financial losses per e-commerce case are generally lower than in banking or fintech, the volume of incidents signals widespread risks in retail transactions.
Other sectors contributing to complaints include telecommunications, aviation, and logistics, with issues ranging from poor disclosure of contractual terms to product defects. In the first half of 2025, banking-related grievances rose by 15 percent from the previous year, partly due to a surge in digital transactions reaching 2.5 billion in volume nationwide.
The FCCPC has committed to partnering more closely with the Central Bank of Nigeria (CBN) to bolster consumer protections and increase accountability among financial institutions. This includes stronger oversight of fintech activities to shield consumers from harmful practices in the digital economy. The commission’s updated digital lending regulations, effective from July 21, 2025, require all types of digital and non-traditional consumer lending including airtime or data advances, cash, and other services to register, track, and adhere to ethical data use and transparent terms. Non-compliance could result in fines up to N100 million.
Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, addressed the human impact of these statistics in a statement shared on X (formerly Twitter). “These numbers aren’t just figures; they represent real frustrations that Nigerians face daily when trying to access essential services,” he said. “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 release of this sector-specific data aligns with the FCCPC’s duties under Sections 17(a) and 17(j) of the Federal Competition and Consumer Protection Act 2018, which empower the body to enforce consumer protection laws and share details of its work with the public. Looking forward, the FCCPC plans to intensify its oversight, enforcement actions, and collaboration with other industry regulators, especially in financial services and utilities, where signs of consumer mistreatment are most prevalent.
“The protection of consumer rights is at the heart of our mandate,” the commission stated. “We will continue to ensure that businesses in Nigeria uphold the highest standards of fairness, transparency, and accountability.”
This update emphasises the key role of consumer protection in Nigeria’s evolving economy, where financial services, digital platforms, utilities, and retail form the backbone of daily activities. The economic outlook for 2025 includes inflation forecasted by the International Monetary Fund (IMF) to moderate to 23 percent, down from higher rates in previous years. However, the economy faces stagnation in dollar terms due to fluctuating commodity prices and fiscal constraints. Rising costs in energy, food, and transportation add strain on households, particularly in lower-income brackets, making policies to safeguard vulnerable sectors even more critical. The FCCPC’s efforts in securing financial returns for consumers and holding businesses accountable serve as a vital mechanism in mitigating the impact of these rising costs.
Through the lens of residents like Kenneth, Alice Ilewu, and Mr Yemi, the FCCPC’s report gains a personal dimension, revealing how systemic issues affect individuals. Their calls for better handling of complaints and improved services echo the broader need for change to protect consumers more effectively in Nigeria’s financial landscape.
