Nigeria's consumer watchdog has identified banking and fintech firms as key culprits in terms of customer service quality.
The Federal Competition and Consumer Protection Commission (FCCPC) announced last week that banking and fintech services received the most consumer complaints in Nigeria between March and August, and it recovered more than $7 million (N10 billion) for dissatisfied customers.
The Commission said in a statement on Thursday in Lagos that it received complaints from 30 sectors, with the banking industry leading the list with 3,173 complaints, followed by fast-moving consumer goods with 1,543, fintech with 1,442, and electricity with 458 cases.
Other important sectors included e-commerce (412), telecommunications (409), retail/wholesale (329), aviation (243), IT (131), and road transport/logistics (114).
It added that during the period under review, 9,091 cases were resolved, reflecting the Commission’s expanding role in protecting consumer rights.
FCCPC said in a statement: “This data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded $7 million (N10bn), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress.
“The publication of sector-specific complaint data aligns with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.”
The report also found that banking and fintech complaints had the greatest financial impact, with issues including loan deductions, unfair charges, and transaction disputes.
It went on to say that complaints in the electricity sector showed repeated billing disputes and poor service delivery, but e-commerce complaints, despite being smaller in value, highlighted the frequency of issues with refunds, deliveries, and counterfeit goods.
It stated that the increase in digital lending and microfinance-related disputes is consistent with its recent policies aimed at curbing abuses in the digital lending sector.
According to APA News, the commission plans to continue increasing its surveillance, enforcement, and engagement with regulators, notably in financial services and utilities, where consumer risks remain significant.
Consumers are also urged to continue reporting complaints through the FCCPC portal: complaints.fccpc.gov.ng.
Tunji Bello, executive vice chairman/CEO of the FCCPC, commented on the findings, saying, "The figures highlight the daily struggles faced by Nigerians in essential services.
“These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services.
“However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
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