FCCPC: Banking and Fintech Sectors Dominate Consumer Complaints in Nigeria – 2025
The Federal Competition and Consumer Protection Commission (FCCPC) has released a report highlighting the banking and fintech industries in Nigeria as the primary sources of consumer dissatisfaction in 2025. The FCCPC, responsible for safeguarding consumer rights in Nigeria, compiled data from its complaint resolution platforms, offering critical insights into the nature and frequency of consumer grievances across various sectors. This report reflects the growing importance of consumer protection in the rapidly evolving digital landscape of the Nigerian economy.
Key Complaint Areas and Sectoral Breakdown
The FCCPC’s findings, derived from complaints received and resolved between March and August 2025, reveal a pattern of consumer issues prevalent across 30 sectors. The most frequent complaints against banks and fintech companies included unfair charges, failures in service delivery, unauthorized deductions from accounts, misleading marketing practices, and a lack of transparency in disclosing terms and conditions. The banking sector topped the list, with 3,173 complaints registered. This was followed by Fast Moving Consumer Goods (FCMG) with 1,543 complaints, fintech firms with 1,442, and the electricity sector with 458. Other sectors that received a considerable number of complaints include e-commerce (412), telecommunications (409), and retail, wholesale, and shopping (329). The data underlines the urgent need for improved consumer protection measures within the financial technology ecosystem and traditional banking to build consumer trust and prevent further financial losses.
The FCCPC’s report signals a critical need for Nigerian banks and fintech companies to prioritize consumer rights and enhance transparency. This includes addressing issues such as unjust charges, unauthorized deductions, and deceptive marketing tactics. Implementing improved customer service protocols and providing clear, easily understandable terms of service are essential to regaining consumer confidence and promoting a fair, competitive market.
Keywords
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