The Central Bank of Nigeria (CBN) has announced that it is partnering with the Nigerian Communications Commission (NCC) to introduce an industry-wide short code that will allow consumers to contact their banks anytime, anywhere even without internet access.
Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the CBN, revealed this during a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, organised by Enhancing Financial Innovation and Access (EFInA).
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According to her, Nigeria’s fast-evolving financial ecosystem now overlaps heavily with the telecom sector, leaving many consumers especially those using feature phones uncertain about how and where to file complaints.
“Vulnerable consumers without internet access often have no choice but to visit their banks physically when issues arise,” she explained. “We are working with the NCC to develop a unified short code that will give consumers direct access to their financial institutions at any time.”
Isa-Olatinwo added that the CBN has improved its complaint-handling processes and strengthened collaboration with banks, noting that the apex bank now achieves a 94% month-on-month timely resolution rate for consumer issues. “Our mandate is to safeguard financial system stability, not to take sides,” she said.
Findings from an EFInA consumer poll further highlighted persistent challenges in the system:
66% of respondents know how to lodge or escalate complaints, while 4% do not.
26% reported that failed transactions were reversed within 24 hours, and 54% within 24–48 hours.
61% experienced failed transactions in the past 12 months; 6% suffered fraud; 14% encountered hidden charges; and 15% reported poor customer service.
Mrs. Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), said many Nigerians still feel unprotected and believe the regulator favours service providers. She called for the introduction of fraud insurance to ease the burden on victims.
“In other countries, banks can instantly refund consumers in fraud cases because insurance covers the risk,” she said. “Consumers should not bear the responsibility of proving a fraud claim before receiving help.”
On dispute resolution, Chairman of the Committee of e-Business Industry Heads (CeBIH), Mr. Ajibade Laolu-Adewale represented by Mr. Adeyemi Salisu of Sterling Bank stressed that bank staff must never direct customers back to merchants during failed transaction disputes.
“The rules are clear,” he said. “Disputes are resolved between the acquiring and issuing banks. Both parties must engage until the customer is fully satisfied.”
