Nigerian Banks, Fintechs Refund ₦10 Billion to Consumers in Six Months
The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria facilitated the return of over ₦10 billion (approximately $6.66 million) to aggrieved customers from various service providers, including banks and fintech companies, between March and August 2025. This substantial figure, released by the FCCPC, highlights the growing intensity of consumer dissatisfaction with essential services, particularly within the financial technology and banking sectors. The refunds resulted from the resolution of 9,091 complaints filed through the commission’s consumer complaints portal, demonstrating the FCCPC’s role in protecting consumer rights within Nigeria’s expanding digital economy.
Banking and Fintech Lead in Consumer Complaints
The majority of resolved complaints, and the resulting refunds, stemmed from issues related to banking and financial technology services. Banking institutions received the highest number of complaints, totaling 3,173 cases. Fintech companies followed closely with 1,442 complaints, underscoring the challenges and potential pitfalls within Nigeria’s rapidly evolving fintech landscape. Other sectors also saw significant complaints, including fast-moving consumer goods (1,543), electricity providers (458), e-commerce platforms (412), telecommunications services (409), retail and wholesale businesses (329), aviation (243), information technology companies (131), and road transport and logistics providers (114). These figures paint a clear picture of the sectors where Nigerian consumers are experiencing the most issues.
The FCCPC’s intervention and the substantial amount of refunded funds highlight the importance of consumer protection and the need for businesses to prioritize customer satisfaction, especially in the banking and fintech sectors, crucial to Nigeria’s economic growth.
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