The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that banks and financial technology companies attracted the largest share of customer complaints in Nigeria between March and August 2025.
In its latest performance report, the agency said it successfully addressed 9,091 cases during the six-month period, helping consumers recover over ₦10 billion. Issues reviewed by the Commission spanned 30 different industries, covering unauthorised debits, hidden charges, misleading promotions, and inadequate service delivery.
According to the breakdown, the banking sector recorded 3,173 complaints, making it the most reported category. It was followed by fast-moving consumer goods (1,543), fintech operators (1,442), and electricity providers (458). Other areas included e-commerce (412), telecommunications (409), retail and wholesale (329), aviation (243), IT services (131), and transport/logistics (114).
FCCPC’s Executive Vice Chairman, Tunji Bello, noted that the data reflects the real-life difficulties Nigerians face when engaging with essential services.
“These figures are more than mere numbers — they capture consumers’ daily frustrations,” Bello said, adding that the Commission remains committed to ensuring businesses obey regulations and respect customer rights.
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The report emphasised that banks and fintech firms not only drew the highest volume of complaints but also represented the largest financial risks, with recurring concerns about loan repayments, excessive account fees, and disputed transfers.
The FCCPC said this highlights the need for closer coordination with the Central Bank of Nigeria to protect users.
Complaints regarding electricity — the fourth most reported sector — focused on billing errors and unreliable supply, prompting calls for stronger cooperation with the Nigerian Electricity Regulatory Commission and distribution companies.
While e-commerce disputes were generally low in monetary value, they appeared frequently, involving failed deliveries, counterfeit products, and delayed refunds. The Commission warned that this segment is becoming a major source of irritation for shoppers.
The study also pointed to a growing number of grievances linked to online lending platforms, investment outfits, and microfinance institutions, coinciding with the rollout of stricter rules aimed at curbing sharp practices in Nigeria’s digital finance space.
