By Nkechi Eze
The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Communications Commission (NCC), has announced plans to introduce a universal short code for banking complaints as part of broader efforts to strengthen consumer protection and deepen financial inclusion across the country.
The proposed initiative is designed to give bank customers a simple, efficient and accessible channel to lodge complaints and seek redress, regardless of whether they own smartphones or have access to internet connectivity. Under the plan, customers will be able to dial a dedicated short code to reach their banks directly, significantly reducing the need for physical visits to bank branches.
CBN’s Director of Consumer Protection and Financial Inclusion, Dr. Aisha Isa-Olatinwo, explained that the initiative was driven by the persistent digital divide that continues to limit many customers’ ability to resolve banking-related issues effectively. She noted that the universal short code would promote inclusivity by ensuring that all customers, irrespective of location or digital literacy, have equal access to complaint resolution mechanisms.
Dr. Isa-Olatinwo added that the apex bank has continued to strengthen its consumer complaint management framework while intensifying collaboration with deposit money banks, which serve as frontline institutions in safeguarding the integrity of the financial system. According to her, these efforts are already yielding results, with about 94 per cent of consumer complaints now resolved within one month of submission, reflecting improved efficiency, responsiveness and accountability within the banking sector.
The move comes amid growing scrutiny of consumer experience in Nigeria’s financial system. Recent findings from a survey conducted by Enhancing Financial Inclusion and Advancement, EFInA, revealed that failed transactions remain the most common challenge faced by bank customers. The survey showed that 61 per cent of respondents experienced failed transactions in the past year, while 66 per cent were aware of existing procedures for lodging and escalating complaints.
On transaction reversals, the survey indicated that 26 per cent of affected customers received refunds within 24 hours, while 54 per cent waited between 24 and 48 hours. Other consumer pain points identified included fraud, reported by six per cent of respondents, hidden charges at 14 per cent, and poor customer service at 15 per cent.
Consumer rights advocates have also weighed in on the need for stronger protection measures. President of the Consumer Advocacy Foundation of Nigeria, CAFON, Mrs. Sola Salako-Ajulo, observed that many consumers perceive regulators as being more inclined toward service providers than customers. She called for the introduction of fraud insurance to enable quicker refunds in disputed cases, suggesting that the burden of proof should temporarily shift away from consumers while investigations are ongoing.
Similarly, Mr. Adeyemi Salisu, representing the Committee of e-Business Industry Heads, CeBIH, clarified that in cases of failed transactions, customers should not be redirected to merchants. He stressed that responsibility rests with both the acquiring and issuing banks, which must collaborate to resolve disputes promptly and satisfactorily.
With the planned introduction of the universal short code, regulators believe complaint resolution processes will become more streamlined, transparent and accessible, ultimately strengthening public confidence in Nigeria’s banking system and reinforcing consumer trust in digital financial services.
