Dr. Aisha Isa-Olatinwo, Director of the CBN’s Consumer Protection and Financial Inclusion Department, disclosed this at a virtual Consumer Protection Town Hall, titled “Ask the Regulator”, organized by Enhancing Financial Inclusion and Advancement (EFInA).
She explained that the initiative is aimed at addressing challenges faced by consumers, especially those without internet access or who use feature phones, who are often forced to visit banks physically to resolve issues.
“Given the rapid transformation of the Nigerian financial landscape, consumers often struggle to know where to lodge complaints,” Isa-Olatinwo said. “We are working with the NCC to develop an industry short code that will enable consumers to reach their financial institutions anytime, with or without internet access.”
She added that the CBN has streamlined complaint resolution processes and partnered with banks to ensure timely resolution, achieving a 94% month-on-month resolution rate of consumer issues.
Results from an EFInA poll highlighted that 61% of respondents experienced failed transactions in the past year, 6% experienced fraud, 14% reported hidden charges, and 15% cited poor customer service. Only 26% of respondents reported reversals within 24 hours, while 54% were resolved in 24–48 hours.
Mrs. Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), recommended introducing fraud insurance to ease the burden on customers in fraud-related disputes.
Speaking on dispute resolution between customers and merchants, Mr. Ajibade Laolu-Adewale, Chairman of the Committee of e-Business Industry Heads (CeBIH), stressed that banks must resolve disputes internally and should not direct customers back to merchants.
