By Gabriel Ameh
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, a move aimed at strengthening consumer protection and advancing financial inclusion across the country.
The proposed initiative is designed to provide bank customers with a simple, fast and accessible channel to lodge complaints, regardless of their access to smartphones or internet services. By dialling a dedicated short code, customers will be able to reach their banks directly to report issues and seek redress, reducing the need for physical visits to bank branches.
CBN’s Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, said the initiative was driven by the persistent digital divide that continues to limit many customers’ ability to resolve banking-related challenges effectively.
According to her, the universal short code will promote inclusivity by ensuring that all customers, including those in underserved areas, have equal access to complaint resolution mechanisms.
Dr Isa-Olatinwo added that the apex bank has strengthened its consumer complaint management framework and deepened collaboration with deposit money banks, which serve as frontline institutions in protecting the integrity of the financial system.
She disclosed that about 94 per cent of consumer complaints received by the CBN are now resolved within one month of submission, reflecting significant improvements in efficiency, responsiveness and accountability within the banking sector.
Meanwhile, findings from a recent survey conducted by Enhancing Financial Inclusion and Advancement (EFInA) shed light on major pain points experienced by bank customers.
The survey revealed that 61 per cent of respondents encountered failed transactions in the past year, while 66 per cent were aware of procedures for lodging and escalating complaints.
On transaction reversals, the poll showed that 26 per cent of respondents received refunds within 24 hours, while 54 per cent reported waiting between 24 and 48 hours. Other challenges identified included fraud cases (six per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
Consumer rights advocates have also called for stronger safeguards. President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs Sola Salako-Ajulo, noted that many consumers perceive regulators as being more inclined toward service providers. She advocated the introduction of fraud insurance to enable quicker refunds in disputed cases, with the burden of proof temporarily shifted away from consumers during investigations.
Similarly, Mr Adeyemi Salisu, representing the Committee of e-Business Industry Heads (CeBIH), clarified that customers should not be redirected to merchants in cases of failed transactions. He stressed that responsibility rests with both the acquiring and issuing banks, which must collaborate to resolve disputes promptly and satisfactorily.
The planned universal short code is expected to further streamline complaint resolution processes, enhance accountability, and boost public confidence in Nigeria’s banking system.
