In 2023, five major Nigerian banks refunded approximately N1.18 billion to resolve customer complaints, marking a substantial 736% increase from the N141.14 million refunded in 2022. According to data extracted from the banks’ 2023 Financial Statements, a total of 11,014,343 complaints were addressed, reflecting a notable 1,412% surge compared to 2022’s 728,338 resolved complaints.
Of the complaints handled, 876,847 remained unresolved, with 248 cases, valued at N389.4 million, elevated to the Central Bank of Nigeria (CBN). Additionally, 875,999 complaints, valued at N94.04 million, are pending with the banks, constituting a modest 7.5% increase from the prior year’s unresolved cases.
During the same period, 11,788,243 complaints were lodged, amounting to a 67.7% year-on-year escalation. However, the claimed amount plummeted by 98.3%, reaching N43.96 billion, a significant drop from 2022’s N2.61 trillion. Notably, pending complaints saw a substantial 68.9% decrease year-on-year, dwindling to 118,153, valued at N15.65 billion, compared to 2022’s 380,008, valued at N756.59 million.
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