Access, Other Banks Receive 4.57m Customer Complaints Demanding N52.53bn Refund

• New data has revealed the list of Nigerian banks with the most customer complaints in one year
• Access Bank, and Union Bank are at top of the list, which includes four other commercial banks and non-interest bank
• The surge in customer complaints in banks is linked to the rise in electronic transactions

Seven of Nigeria's top commercial banks have reported receiving 4.57 million customer complaints in a year, from January 1 to December 31, 2022.

The 2022 complaint figures represent an increase when compared to customer complaints received by the surveyed banks in 2021.

These figures were captured in the banks' annual financial reports, which were submitted to the Nigerian Exchange.

The six banks surveyed are Access Bank Holdings Plc, Zenith Bank Plc, Wema Bank Plc, Union Bank of Nigeria Plc, Guaranty Trust Holding Company, and Jaiz Bank Plc.

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Breakdown of Nigerian banks customer complaints

Legit.ng's analysis of the banks' reports shows that out of the total complaints, 6.76 million were resolved, while 142,636 were carried over to 2023.

A further breakdown reveals that Access Holdings Plc had the highest number of customer complaints with 2,824,735, and Guaranty Trust Holding Company, with 1,006,380 complaints.

Breakdown of customers' complaints by banks

• Access Bank Holdings Plc received 2.82 million
• Zenith Bank Plc- 475,499
• Wema Bank Plc - 404,179
• Union Bank of Nigeria Plc - 673,709
• Guaranty Trust Holding Company - 1 million
• Jaiz Bank Plc - 118,429

Refund Demanded by banks

• Zenith Bank Plc - N17.58bn
• Wema Bank Plc - N1.47bn
• Union Bank of Nigeria Plc - N30.47bn
• Guaranty Trust Holding Company - N2.16bn
• Jaiz - N863.09m

It is important to note that most of the demands were met.

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List of Nigeria's most valuable banks after Q1, 2023

In another report, the Nigerian banks with the highest market capitalisation for the first quarter of 2023 have been unveiled.

Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.

However, First Bank experienced a decrease in its market value during the same period.

Source: Legit.ng