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The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are finalising plans to introduce a universal short code aimed at addressing the growing volume of complaints arising from banking transactions across the country.
The initiative is designed to provide a more accessible and efficient complaint-resolution mechanism for bank customers, regardless of their access to the internet. It is also expected to deepen financial inclusion by extending complaint services to individuals without smartphones or reliable internet connectivity.
Under the proposed system, customers will be able to dial a simple short code to communicate directly with their banks and seek redress for grievances, significantly reducing the need for physical visits to bank branches.
Speaking on the initiative, the CBN Director of Consumer Protection and Financial Inclusion, Dr. Aisha Isa-Olatinwo, said the existing digital divide continues to hinder many customers from resolving banking issues effectively.
She explained that the universal short code would promote inclusivity by ensuring all customers have equitable access to complaint-resolution channels.
Findings indicate that, as part of efforts to achieve the objectives of the initiative, the apex bank has strengthened its consumer complaint management framework and deepened collaboration with deposit money banks, which are regarded as frontline protectors of the financial system.
According to the CBN, consumer complaints now record an average resolution rate of about 94 per cent within one month of submission, reflecting improved efficiency and accountability.
Meanwhile, a recent poll conducted by Enhancing Financial Inclusion and Advancement (EFInA) highlighted key consumer pain points in the banking sector. The survey revealed that 61 per cent of respondents experienced failed transactions in the past year, while 66 per cent were aware of procedures for lodging and escalating complaints.
On transaction reversals, 26 per cent of respondents received refunds within 24 hours, while 54 per cent experienced delays of between 24 and 48 hours. Other challenges identified included fraud (6 per cent), hidden charges (14 per cent), and poor customer service (15 per cent).
Consumer rights advocates have continued to call for stronger protection measures. The President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs. Sola Salako-Ajulo, expressed concern that consumers often perceive regulators as siding with service providers.
She recommended the introduction of fraud insurance to enable prompt refunds in disputed cases, suggesting that the burden of proof be temporarily shifted away from consumers during investigations.
Also speaking on the issue, a representative of the Committee of e-Business Industry Heads (CeBIH), Mr. Adeyemi Salisu, clarified procedures for failed transactions, stressing that customers should not be referred back to merchants.
He noted that the responsibility for resolving such disputes rests with the acquiring and issuing banks, which must work together to ensure timely and satisfactory outcomes for customers.
Edited by Dada Ahmed.
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