The Central Bank of Nigeria (CBN) resolved nearly 90 percent of complaints lodged by consumers of financial services in 2025, with refunds to customers almost doubling to N19.12 billion during the year.
In its 2025 annual report, the apex bank said it resolved 18,824 of the 20,925 complaints received in the review period, representing about 90 percent of all cases.
The report showed that refunds made to customers rose to N19.12 billion in 2025 from N9.66 billion in 2024, representing a 97.9 percent increase.
Also, the total claims in local currency surged to N40.61 billion from N17.13 billion in the preceding year.
The CBN also said foreign currency claims increased sharply to $344.2 million in 2025 from $1.06 million recorded in 2024.
Based on the resolved complaints, customers received refunds amounting to $329.3 million, compared with $670,000 in the previous year.
The apex bank attributed the trend in complaints to growing public awareness and increased confidence in its consumer complaint resolution process.
“The Bank received a total of 20,925 complaints from consumers of financial services in 2025,” the report reads.
“The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.
“A total of 18,824 complaints were resolved, indicating a 9.36 percent increase over the 17,213 complaints resolved in 2024.”
The CBN said it intensified enforcement actions against financial institutions that breached consumer protection and regulatory requirements.
According to the report, the apex bank imposed 11 penalties on financial institutions amounting to N1.26 billion for infractions including regulatory breaches and failure to respond to regulatory queries.
The financial regulator also said it sanctioned 21 financial institutions with fines totalling N430 million for delays in resolving customer complaints and failure to comply with the CBN’s directives.
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