Nigeria’s financial sector regulator, Central Bank of Nigeria (CBN) has hinted on plans to collaborate with telecoms regulator, the Nigerian Communications Commission (NCC) to develop an industry-wide short code for consumers to lodge complaints with financial institutions anytime, anywhere, even without internet access.
CBN Director, Consumer Protection and Financial Inclusion Department, Dr. Aisha Isa-Olatinwo, disclosed this on Thursday at a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, organised by Enhancing Financial Inclusion and Advancement (EFInA).
She said the initiative addresses challenges faced by vulnerable consumers using feature phones who often have to visit bank branches physically to report issues amid the convergence of telecom and banking services.
The short code initiative is expected to enhance financial inclusion by providing accessible redress mechanisms in Nigeria’s evolving digital payment ecosystem.
Isa-Olatinwo said the CBN had achieved 94% month-on-month timely resolution of consumer complaints, adding that the apex bank had streamlined processes and partnered with banks to balance consumer protection with financial system stability.
An EFInA poll presented at the event revealed that 61% of respondents experienced failed transactions in the past 12 months, while 26% had reversals within 24 hours and 54% between 24 and 48 hours.
Other complaints included 6% for fraud, 14% for hidden charges and 15% for poor customer service, with 66% of respondents aware of complaint escalation steps.
President of Consumer Advocacy Foundation of Nigeria (CAFON), Mrs. Sola Salako-Ajulo, lamented that consumers often feel unprotected and called for the introduction of fraud insurance for instant reversals, shifting the burden of proof from customers.
She said: “What is missing in our system—unlike more developed economies—is fraud insurance, where banks reverse reported fraud immediately, refund consumers, and investigate later.”
Chairman of Committee of e-Business Industry Heads (CeBIH), Mr. Ajibade Laolu-Adewale, represented by Mr. Adeyemi Salisu, stressed that banks must resolve disputes between acquiring and issuing banks without redirecting customers to merchants.
