The Central Bank of Nigeria received 2,432 complaints against financial institutions in the first six months of this year.
The apex bank disclosed this in its ‘CBN Financial Stability June 2022 report published in December.
A breakdown of the figure showed that 2,261 complaints were made against banks, while 171 were made against other financial institutions.
The report stated that the majority of the complaints were on electronic/card issues, fraud and account management.
“The total number of complaints received against financial institutions in the period under review was 2,432, indicating a 2.05 per cent decrease from 2,483 in the second half of 2021. Out of the complaints received, 2,261 (93 per cent) were against banks and 171 (seven per cent) were against OFIs.
“Further analysis indicated that electronic/cards related complaints constituted the highest at 845 (34.75 per cent), followed by fraud with 697 (28.66 per cent); account management, 644 (26.48 per cent); excess charges, 115 (4.73 per cent); while others accounted for 131 (5.38 per cent).”
The report further stated that 1,399 complaints were resolved with refunds made and 1,321 complaints were closed.
“During the review period, a total of 1,399 complaints were resolved with refunds to the complainants, an increase of 63 (4.71 per cent) over the 1,336 recorded in the preceding period. Complaints closed increased by 226 (20.64 per cent) to 1,321, as against the 1,095 recorded in the preceding period. The resolved cases included outstanding complaints from the preceding period.”
In the report, it was also stated that total claims were about N8.13bn and $0.01m, while refunds made were about N3.36 billion and $0.03m.
“Total claims in respect of the complaints stood at N8.13 billion and $0.01 million in the first half of 2022, compared with N15.88 billion and $50.89 million in the second half of 2021, while total refunds amounted to N3.36 billion and $0.03 million, compared with N6.04 billion and $0.94 million in the second half of 2021,” the report added.
It further noted: “A total of 10 penalties were imposed on five financial institutions for various infractions during the period under review, compared with 24 imposed on 11 financial institutions in the preceding period,” the report added.
