In a significant revelation, the complaints lodged by customers of five major banks in Nigeria skyrocketed by over 63.54% in 2023, surging to more than 10 million from 6.12 million the previous year.
An analysis conducted by The PUNCH, based on audited financial reports filed with the Nigerian Exchange Limited, uncovered this notable increase in customer grievances. Remarkably, more than half of these complaints were attributed to customers of one of the country’s largest banks.
The financial institutions under scrutiny in this report include Access Holdings, United Bank for Africa (UBA), Zenith Bank, Guaranty Trust Holding Company (GTCO), and Wema Bank.
During the review period, AccessCorp, Nigeria’s foremost bank, witnessed an alarming 81.26% surge in customer complaints, totaling 5,120,653 compared to 2,824,979 in 2022.
Access Group disclosed that it managed to resolve 5,092,619 complaints, involving claims amounting to N273.04 billion, out of which N2.07 billion was refunded.
In a breakdown, Access Group handled 28,801 complaints in dollars, involving $2.79 billion, and resolved 28,277 of them, resulting in refunds totaling $2,161. Additionally, 328 complaints in British pounds sterling and 335 complaints in euros were addressed and resolved during the year.
Similarly, UBA witnessed a staggering doubling of customer complaints in 2023, reaching 2,962,339 from 1,408,062 in the corresponding year, with claims totaling N178.08 billion.
While significant efforts were made to address these issues, with 2,317,974 complaints resolved and N450 million refunded, the bank highlighted the launch of the ‘Scan to Resolve Complaint’ Portal as a proactive measure to enhance customer satisfaction and expedite dispute resolution.
Zenith Bank Plc reported a notable decline of about 25.29% in customer complaints, totaling 355,210 in 2023 compared to 475,499 in 2022. The bank resolved 432,360 complaints and refunded N15.486 billion during the year.
GTCO observed a reduction in customer complaints, dropping to 946,169 in 2023 from 1,006,380 the previous year. The bank resolved 953,548 complaints and refunded N277.45 million.
Wema Bank, while experiencing a 54.03% increase in customer complaints, demonstrated significant improvements in resolution efficiency. The bank resolved 621,609 complaints out of 617,941, refunding N11.26 billion. It also emphasized a reduction in the average time taken to resolve complaints and a decrease in escalations from both customers and regulatory bodies.
The surge in customer complaints underscores the imperative for banks to enhance service delivery and streamline dispute resolution mechanisms to ensure customer satisfaction and trust in the banking sector.
