The complaints of bank customers across five major Nigerian banks soared by over 63.54percent in 2023, reaching over 10 million compared to 6.12 million the previous year.
According to audited financial results analysed, Access Holdings, Nigeria’s largest bank, saw an 81.26 percent increase in complaints, reaching 5,120,653 in 2023 from 2,824,979 in 2022.
The financial institutions under review, including United Bank for Africa (UBA), Zenith Bank, Guaranty Trust Holding Company (GTC), and Wema Bank, faced significant challenges in resolving these complaints, with some customers escalating issues to the Central Bank of Nigeria (CBN) for intervention.
In response to the escalating complaints, UBA unveiled a ‘Scan to Resolve Complaint’ Portal, aimed at swiftly addressing customer disputes and enhancing satisfaction. Meanwhile, Zenith Bank experienced a decrease in complaints by about 25.29 percent, indicating potential strategies for managing customer grievances. However, the overall trend underscores the importance of efficient customer service and resolution mechanisms within Nigeria’s banking sector.
The Central Bank of Nigeria, in its efforts to protect consumers, has urged Nigerians to escalate complaints to the Consumer Protection Department if not resolved within the stipulated timeframe. As complaints continue to rise, there is a growing emphasis on the rights and responsibilities of financial services consumers, including the right to seek redress on complaints and financial issues, quality customer service, and privacy and confidentiality of customer details.
