The Central Bank of Nigeria (CBN) directed banks and financial institutions to refund a total of N19.12 billion and $329.3 million to customers in 2025, following a 10.53% increase in consumer complaints to 23,129 from 20,925 in 2024, according to the CBN's 2025 Annual Report.
Complaint Volume and Resolution
The apex bank resolved 18,824 complaints during the year, representing a 9.36% improvement from the 17,213 cases settled in 2024. The CBN attributed the rise in complaints not to declining service quality but to greater public awareness and growing trust in its complaint-handling processes. The report stated: “The trend reflected increased awareness and improved confidence in the Bank's consumer complaint resolution process.”
Value of Disputed Transactions Surges
The financial value of disputes escalated sharply. Domestic currency claims soared to N40.61 billion in 2025, up from N17.13 billion in the prior year. Foreign currency claims experienced a dramatic leap, rising from $1.06 million in 2024 to $344.2 million in 2025. Refunds disbursed to affected consumers more than doubled in naira terms, climbing from N9.66 billion to N19.12 billion, while dollar-denominated refunds jumped from $0.67 million to $329.3 million.
Penalties and Enforcement
Beyond refunds, the CBN imposed stricter penalties on financial institutions failing to meet regulatory standards. The bank issued 11 penalties totaling N1.26 billion for infractions ranging from regulatory breaches to non-response to official queries. An additional 21 penalties worth N430 million were imposed specifically for delays in resolving customer complaints and non-compliance with CBN directives. Combined, these sanctions amounted to N1.69 billion. The report noted: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches to failure to respond to regulatory queries.”
Impact on Consumer Confidence
The CBN's enforcement actions signal a strengthened commitment to holding financial institutions accountable as consumer complaints continue their upward trend. In related developments, the Nigeria Deposit Insurance Corporation (NDIC) began liquidating 46 microfinance banks whose operating licenses were revoked by the CBN, marking the next phase in resolving failed institutions. The NDIC, appointed as official liquidator under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023, stated its authority to take over failed institutions.
