THE Central Bank of Nigeria (CBN) resolved nearly 90 per cent of complaints lodged by consumers of financial services in 2025, with refunds to customers almost doubling to ₦19.12 billion during the year.
News Point Nigeria reports that the apex bank disclosed in its 2025 Annual Report that it resolved 18,824 of the 20,925 complaints received during the review period, representing about 90 per cent of all cases brought before it.
According to the report, refunds made to customers increased significantly to ₦19.12 billion in 2025 from ₦9.66 billion recorded in 2024, representing a 97.9 per cent increase.
The report also revealed that the total value of claims in local currency rose sharply to ₦40.61 billion from ₦17.13 billion in the preceding year.
Similarly, the CBN said foreign currency claims surged to $344.2 million in 2025, compared to $1.06 million recorded in 2024.
Based on the complaints successfully resolved, customers received refunds amounting to $329.3 million, a sharp increase from the $670,000 refunded in the previous year.
The apex bank attributed the increase in complaints to growing public awareness and rising confidence in its consumer complaint resolution mechanism.
“The Bank received a total of 20,925 complaints from consumers of financial services in 2025,” the report stated.
“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 per cent increase over the 17,213 complaints resolved in 2024.”
The CBN further disclosed that it intensified enforcement actions against financial institutions that breached consumer protection and other regulatory requirements during the year.
According to the report, the apex bank imposed 11 penalties on financial institutions amounting to ₦1.26 billion for various infractions, including regulatory breaches and failure to respond to regulatory queries.
The financial regulator also sanctioned 21 financial institutions with fines totalling ₦430 million for delays in resolving customer complaints and failure to comply with the CBN’s directives.
The report underscores the CBN’s continued efforts to strengthen consumer protection, improve confidence in Nigeria’s financial system and ensure that financial institutions comply with regulatory standards while responding promptly to customer complaints.