Lagos — The Federal Competition and Consumer Protection Commission (FCCPC) says banking and fintech have generated the most consumer complaints in the last six months, even as it resolves 9,091 cases and recovers over ₦10bn for affected customers. The pattern underscores systemic issues in essential, high-value services.
Nigeria’s consumer watchdog is tightening the screws where it matters most: financial services. Between March and August, the FCCPC logged complaints across 30 sectors, led by banking (3,173 cases), followed by FMCG (1,543), fintech (1,442), and electricity (458). Rounding out the top ten were e-commerce (412), telecoms (409), retail/wholesale (329), aviation (243), IT (131) and road transport/logistics (114).
Behind the numbers is a consistent pattern: unauthorised deductions, unfair or opaque charges, failed transactions, deceptive marketing, poor disclosure of terms, product defects, and slow or nonexistent redress. The Commission’s enforcement drive—anchored in Sections 17(a) and 17(j) of the FCCPA 2018—has produced ₦10bn+ in refunds/recoveries and a rising cadence of case closures (9,091).
Why banking and fintech dominate: These services are essential, always-on, and high-frequency; when they fail, the financial impact is immediate. Add the surge in digital lending and microfinance, and you get elevated risk of privacy breaches, harassment, abusive recovery practices, and fee opacity—all areas the FCCPC is now prioritising with rules, raids, and naming-and-shaming where necessary, alongside tighter co-regulation with the CBN.
Consumer sentiment mirrors the data: many Nigerians applaud the Commission’s recent recoveries and clampdown on predatory digital lenders, while others press for faster resolution of their own cases and stricter oversight of utility billing and e-commerce refunds.
By the Numbers (Mar–Aug Window)
- Complaints resolved: 9,091
- Recoveries: ₦10bn+ returned to consumers
- Top sectors by volume:
- Banking: 3,173
- FMCG: 1,543
- Fintech: 1,442
- Electricity: 458
- E-commerce: 412 | Telecoms: 409 | Retail/Wholesale: 329 | Aviation: 243 | IT: 131 | Road transport/logistics: 114
- Banking: 3,173
What This Means
For Consumers (Rights & Remedies)
- Know your contract: Demand clear fee schedules and APR/total cost on loans; reject vague terms.
- Document everything: Keep timestamps, screenshots, receipts; they win disputes.
- Escalation ladder: Provider → written complaint (reference number) → escalate internally → file with FCCPC if no remedy in stated timelines.
- Digital lending: Do not grant apps contact scraping permissions; report harassment or defamation immediately.
For Banks, Fintechs & Platforms (Compliance & Reputation)
- Plain-language disclosures: Upfront pricing, FX/fees, and risk—no dark patterns.
- Consent and privacy: Opt-in only; ban contact-list harvesting; encrypt PII; audit third-party processors.
- Fix-first culture: Proactive reversals on failed transactions; 24–48h SLA on dispute queues.
- Board-level oversight: FCCPA and sector codes must be treated as enterprise risk, with KPIs and independent audits.
For Policy & Regulators
- Joint supervision: FCCPC × CBN for finance; FCCPC × NERC/NCC for utilities and telecoms.
- Disclosure templates: Standardise key facts statements for loans, fees, and subscriptions.
- Enforcement mix: Administrative penalties, corrective orders, and—where warranted—criminal referrals.
Sector Snapshots
- Banking/Fintech: Highest volume and financial impact; recurring themes are loan deductions, account charges, transaction disputes, and privacy breaches in digital lending.
- Electricity: Billing disputes, estimated billing, and service downtime drive grievances.
- E-commerce: Lower average claim value but frequent issues in refunds, delivery failures, and counterfeit goods.
- Telecoms: Complaints centre on data depletion, VAS opt-ins, and network quality.
What to Watch (Next 90 Days)
- Digital lending clean-up: More delistings, fines, and binding conduct codes for collection practices.
- Banking dispute SLAs: Time-bound chargeback/reversal rules co-signed with the CBN.
- Sector dashboards: Quarterly sectoral scorecards (volumes, resolution times, refunds) to raise competitive pressure on laggards.
- Utility fairness: Tighter oversight of billing accuracy and compensation for protracted outages or wrongful charges.
BRANDECONOMY Take
The ₦10bn recovery headline is impressive—but the real breakthrough is process discipline: standardised disclosures, faster reversals, auditable SLAs, and joint regulation where harm is systemic. In high-value, high-frequency sectors (banking, fintech, utilities), trust is a product; fix the friction, and you lower the economy-wide cost of living.
Bottom line: Consumers are getting louder, data is getting cleaner, and enforcement is getting teeth. The winners will be providers who compete on clarity, invest in swift redress, and treat compliance as customer experience—not a legal afterthought.
FAQs
What problems are most common?
Unfair/opaque charges, unauthorised deductions, failed transactions, poor disclosure, product defects, and slow redress.
How do I report?
File with your provider first (get a ticket ID). If unresolved within the stated timeline, submit via the FCCPC complaints portal with evidence.
Why are banking and fintech so dominant?
They are essential and high-value; failures hit wallets immediately and frequently—hence higher complaint volumes and recoveries.
