Lagos: The Federal Competition and Consumer Protection Commission (FCCPC) has announced that banking and fintech services have topped the list of consumer complaints in Nigeria from March to August. The Commission reported that it successfully recovered over N10 billion for aggrieved customers during this period.
According to News Agency of Nigeria, the FCCPC revealed through a statement by Mr. Ondaje Ijagwu, its Director of Corporate Affairs, that complaints were received across 30 different sectors. The banking sector recorded the highest number of complaints with 3,173 cases, followed by fast-moving consumer goods with 1,543 complaints, fintech with 1,442, and electricity with 458 cases.
The statement further detailed that other significant sectors included e-commerce with 412 complaints, telecommunications with 409, retail/wholesale with 329, aviation with 243, IT with 131, and road transport/logistics with 114 cases. During the period under review, a total of 9,091 cases were resolved, underscoring the Commission’s expanding role in safeguarding consumer rights.
The report highlighted that complaints in the banking and fintech sectors had the largest financial impact, involving issues such as loan deductions, unfair charges, and transaction disputes. Electricity sector complaints predominantly involved billing disputes and inadequate service delivery, while e-commerce grievances, although smaller in monetary value, frequently pertained to issues with refunds, deliveries, and counterfeit goods.
The Commission noted a rise in digital lending and microfinance-related disputes, which aligns with its recent regulatory efforts to address abuses in the digital lending sector. It reaffirmed its commitment to intensifying monitoring, enforcement, and collaboration with regulators, particularly in financial services and utilities where consumer vulnerabilities are significant.
The FCCPC encouraged consumers to continue reporting complaints through its portal: complaints.fccpc.gov.ng, emphasizing that every report contributes to identifying systemic issues and enforcing compliance.
Commenting on the findings, Mr. Tunji Bello, Executive Vice Chairman/Chief Executive Officer of the FCCPC, remarked on the daily challenges faced by Nigerians in accessing essential services. He stated, “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”