Key points
- The Central Bank of Nigeria (CBN) imposed N430 million in fines on financial institutions in 2025 over poor handling of customer complaints.
- The apex bank sanctioned 21 institutions for delays in resolving complaints and failure to comply with regulatory directives.
- Customer complaints rose by 10.53 per cent to 23,129 in 2025, while the CBN resolved 18,824 cases.
- Consumers recovered N19.12 billion and $329.3 million in refunds following complaint resolution.
- The CBN also imposed N1.26 billion in additional penalties for regulatory breaches and non-compliance.
Main Story
The Central Bank of Nigeria (CBN) has imposed N430 million in penalties on financial institutions for failing to promptly resolve customer complaints and comply with regulatory directives, reinforcing its commitment to consumer protection in the banking sector.
The sanctions, contained in the apex bank’s 2025 Annual Report, showed that 21 penalties were issued against financial institutions during the review period for infractions ranging from delays in resolving customer complaints to failure to comply with the CBN’s directives.
According to the report, the enforcement action coincided with an increase in the number of complaints lodged by users of financial services, reflecting growing confidence in the regulator’s consumer complaint resolution framework.
The CBN disclosed that it received 23,129 complaints from financial services consumers in 2025, representing a 10.53 per cent increase from the 20,925 complaints recorded in 2024.
Despite the increase, the apex bank said it successfully resolved 18,824 complaints during the year, up by 9.36 per cent from the 17,213 cases resolved in the previous year.
The report attributed the rise in complaints to improved public awareness and increased confidence in the CBN’s complaint resolution process rather than a deterioration in banking services.
The regulator also reported a sharp rise in the value of claims handled during the year. Claims denominated in naira increased to N40.61 billion in 2025 from N17.13 billion in 2024, while foreign currency claims rose to $344.2 million from $1.06 million over the same period.
As a result of complaint resolution efforts, consumers recovered N19.12 billion and $329.3 million in refunds, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the sanctions relating to complaints management, the CBN disclosed that it imposed an additional 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report noted that complaints management formed part of broader reforms aimed at strengthening the CBN’s supervisory and market conduct framework. The apex bank established a dedicated Compliance Department to oversee financial crime compliance, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across regulated institutions.
The CBN also said it has introduced a quarterly engagement framework involving its consumer protection team, deposit money banks and the country’s top 10 microfinance banks to improve complaint resolution and address concerns over excessive transaction alerts and customer charges.
The Issues
The growing volume of customer complaints highlights persistent concerns over service delivery, dispute resolution and transparency within Nigeria’s banking sector. While increased public confidence in the CBN’s complaints process is encouraging, delays in complaint resolution and regulatory non-compliance by some financial institutions continue to undermine consumer trust. Strengthening oversight and ensuring timely redress remain critical to improving customer experience.
What’s Being Said
Central Bank of Nigeria (CBN):
“The Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The CBN also stated:
“The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
CBN Governor, Olayemi Cardoso:
The governor said the apex bank and deposit money banks are reviewing excessive transaction alerts and customer charges, adding that a quarterly engagement platform has been established to address unresolved customer complaints and improve consumer protection.
What’s Next
The CBN is expected to intensify enforcement of consumer protection regulations while strengthening collaboration with banks and microfinance institutions through its quarterly engagement framework. Financial institutions are also expected to improve complaints management processes and comply fully with regulatory directives to avoid further sanctions.
Bottom Line
The CBN’s N430 million sanctions send a strong signal that delays in resolving customer complaints and regulatory non-compliance will attract stricter enforcement. As complaints continue to rise, the regulator is increasing oversight to ensure faster dispute resolution, greater accountability and improved consumer confidence in Nigeria’s banking system.
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