The Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with regulatory directives.
The sanctions, contained in the CBN’s 2025 Annual Report, involved 21 separate penalties issued to financial institutions for infractions ranging from delayed resolution of customer complaints to non-compliance with directives from the apex bank.
The latest enforcement underscores the CBN’s tougher stance on consumer protection and its growing scrutiny of how banks and other financial institutions respond to customers.
The regulatory crackdown came amid a rise in complaints filed by users of financial services.
According to the report, the CBN received 23,129 complaints in 2025, representing a 10.53 per cent increase from the 20,925 complaints recorded in 2024.
The apex bank, however, attributed the increase not necessarily to a deterioration in banking services but to growing public awareness and increased confidence in its consumer complaint resolution mechanism.
Of the complaints received, 18,824 were successfully resolved during the year, up 9.36 per cent from the 17,213 complaints resolved in 2024.
The value of claims handled by the regulator also surged significantly during the period.
Local currency-denominated claims jumped to N40.61 billion in 2025 from N17.13 billion in the previous year, while foreign currency claims rose sharply to $344.2 million from just $1.06 million.
Following the resolution of the complaints, customers recovered N19.12 billion and $329.3 million in refunds in 2025, compared with N9.66 billion and $670,000 refunded in 2024.
The figures highlight the growing financial impact of unresolved disputes between customers and financial institutions, as well as the increasing role of the CBN in enforcing consumer rights within the banking system.
Beyond the N430 million penalties linked specifically to customer complaints, the CBN said it imposed an additional 11 penalties amounting to N1.26 billion on financial institutions for other regulatory breaches and failure to respond to regulatory queries.
The sanctions form part of a broader effort by the apex bank to strengthen its supervisory and market-conduct framework.
In recent years, the CBN has expanded its focus beyond traditional banking supervision to include consumer protection, complaints management, advertising standards, cybersecurity, data protection and corporate governance.
The regulator had earlier issued guidelines to help aggrieved customers seek redress when they encounter problems with banks and other financial institutions.
CBN Governor Olayemi Cardoso also recently disclosed that the apex bank and deposit money banks were reviewing excessive transaction alerts and customer charges following complaints over confusing debit notifications and unexplained deductions.
The CBN has further established a quarterly engagement platform involving its consumer protection team, deposit money banks and the 10 largest microfinance banks to address unresolved complaints and improve customer service standards.
The latest figures signal a more assertive regulatory approach as Nigeria’s financial system becomes increasingly digital, with the CBN placing greater emphasis on ensuring that financial institutions respond promptly to customer grievances and comply with consumer protection rules.
