Banking, Fintech top consumer complaints as FCCPC recovers N10bn
The Federal Competition and Consumer Protection Commission (FCCPC) says banking and fintech services topped consumer complaints in Nigeria between March and August.
The Commission also said that it recovered over N10 billion for aggrieved customers.
The Commission disclosed in a statement by Mr Ondaje Ijagwu, its Director of Corporate Affairs on Thursday in Lagos that it received complaints across 30 sectors.
It said the banking recorded 3,173 complaints leading the list, followed by fast-moving consumer goods with1,543, fintech had 1,442, and electricity with 458 cases.
Other key sectors included e-commerce (412), telecommunications (409), retail/wholesale (329), aviation (243), IT (131), and road transport/logistics (114).
It added that during the period under review, 9,091 cases were resolved, reflecting the Commission’s expanding role in protecting consumer rights.
“This data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress.
“The publication of sector-specific complaint data aligns with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
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It said that the report showed that banking and fintech complaints accounted for the largest financial impact, with issues ranging from loan deductions, unfair charges, and transaction disputes.
It added that electricity sector complaints reflected persistant billing disputes and poor service delivery, while e-commerce grievances, though lower in value, underscored the frequency of problems with refunds, deliveries, and counterfeit goods.
It noted that the spike in digital lending and microfinance-related disputes aligns with its recent regulations to curb abuses in the digital lending sector.
The commission said it would continue to intensify its monitoring, enforcement, and collaboration with regulators, especially in financial services and utilities, where consumer vulnerabilities remain high.
It also consumers are urged to continue reporting complaints through the FCCPC portal: complaints.fccpc.gov.ng, as every report aids in identifying systemic problems and enforcing compliance
Commenting on the findings, Executive Vice Chairman/Chief Executive Officer of the FCCPC, Mr Tunji Bello, said the figures highlight the daily struggles faced by Nigerians in essential services.
He said, “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.” (NAN)
