Banking, Fintech Lead Consumer Complaints As FCCPC Secures ₦10bn Redress
Dr. Nafisat Makinde, Abuja
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that banking and fintech services accounted for the highest number of consumer complaints in Nigeria between March and August 2025, with more than ₦10 billion recovered for aggrieved customers.
According to the Commission’s latest complaint resolution report, released on Thursday in Abuja, a total of 9,091 cases were resolved across 30 sectors. Banking led the list with 3,173 complaints, followed by Fast-Moving Consumer Goods (FMCG) (1,543), fintech (1,442), and electricity (458). Other sectors included e-commerce (412), telecommunications (409), and aviation (243).
The complaints ranged from unfair charges, failed transactions, unauthorized deductions, deceptive marketing, to billing disputes. The FCCPC noted that banking and fintech disputes carried the highest financial exposure, underscoring systemic challenges in essential, high-value services.
“These numbers are not just statistics; they reflect the daily frustrations of consumers and the challenges Nigerians face in essential services,” FCCPC Executive Vice Chairman, Mr. Tunji Bello, said. “The Commission is committed to holding businesses accountable and promoting fair practices that protect consumers’ welfare.”
The electricity sector also remained a flashpoint, with 458 complaints linked to estimated billing and poor service delivery. The FCCPC said it would intensify collaboration with the Nigerian Electricity Regulatory Commission (NERC) and Distribution Companies (DisCos) to curb exploitation.
E-commerce disputes, though smaller in monetary value, recorded high frequency, including delivery failures, refund delays, and counterfeit products, making the sector a growing concern for regulators.
The FCCPC reaffirmed its commitment to stricter enforcement and closer collaboration with regulators such as the Central Bank of Nigeria (CBN) and NERC. Consumers were urged to continue lodging complaints through its online portal and state offices to help identify systemic issues and enforce compliance.