CBN Orders N19bn Refunds as Bank Customer Complaints Rise 11% in 2025
- Nigerian bank customers filed 23,129 complaints against financial institutions in 2025, marking an 11% jump from the previous year
- The CBN resolved 18,824 complaints during the year and ordered refunds totalling N19.12 billion and $329.3 million to affected consumers
- The apex bank also slapped financial institutions with N1.69 billion in penalties for regulatory breaches and poor complaint handling
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) ordered banks and other financial institutions to refund a combined N19.12 billion and $329.3 million to customers in 2025, after complaints from bank users climbed to 23,129 during the year, according to the CBN's 2025 Annual Report.
The figure represents a 10.53% rise from the 20,925 complaints recorded in 2024.
Source: Getty Images
Rather than attributing the increase to a decline in service quality, the CBN linked the trend to greater public awareness and growing confidence in its complaint resolution process.
The report said:
"The trend reflected increased awareness and improved confidence in the Bank's consumer complaint resolution process."
Scale of Disputed Transactions
The value of transactions under dispute grew sharply over the period. Local currency claims rose to N40.61 billion in 2025, up from N17.13 billion the year before, while foreign currency claims surged to $344.2 million from just $1.06 million in 2024, Vanguard reports.
Of the 23,129 complaints received, the CBN resolved 18,824, a 9.36% improvement on the 17,213 resolved in 2024.
Refunds paid out to affected consumers more than doubled in naira terms, rising from N9.66 billion in 2024 to N19.12 billion, while dollar-denominated refunds jumped from $0.67 million to $329.3 million.
Penalties Imposed on Financial Institutions
Beyond ordering refunds, the CBN toughened its enforcement stance against institutions that fell short of regulatory expectations.
The bank issued 11 penalties totalling N1.26 billion for infractions that ranged from regulatory breaches to failure to respond to official queries.
A further 21 penalties worth N430 million were handed down specifically for delays in resolving customer complaints and non-compliance with CBN directives.
Source: UGC
Together, the sanctions added up to N1.69 billion.
The report noted:
"During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches to failure to respond to regulatory queries."
The combined enforcement action signals the CBN's intent to hold financial institutions accountable as consumer complaints continue to grow year on year.
NDIC sends message to customers
Earlier, Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of 46 microfinance banks whose operating licences were revoked by the CBN, marking the next phase in the resolution of the failed financial institutions.
In a statement issued on Wednesday, the NDIC said it had been appointed the official liquidator of the affected banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and (2) of the NDIC Act 2023.
According to the NDIC, the provisions of the NDIC Act 2023 empower it to take over failed institutions.
Source: Legit.ng
