CBN Orders N19.12bn Refunds to Bank Customers

CBN customer complaints rose in 2025 as more bank customers reported issues, leading to billions of naira and millions of dollars in refunds.

The Central Bank of Nigeria (CBN) revealed that bank customers lodged 23,129 complaints against financial institutions in 2025, an 11 per cent increase from 20,925 complaints recorded in 2024. According to the apex bank’s 2025 Annual Report, the rise reflected growing public confidence in its consumer protection system rather than a decline in banking services.

The report showed that the CBN resolved 18,824 complaints during the year, representing a 9.36 per cent increase over the 17,213 cases settled in 2024. It also disclosed that disputed transactions increased significantly, with claims in local currency rising to N40.61 billion from N17.13 billion a year earlier. Foreign currency claims also climbed sharply to $344.2 million, compared with $1.06 million in 2024.

Following the resolution of complaints, the CBN ordered financial institutions to refund N19.12 billion and $329.3 million to affected customers. This marked a sharp increase from the N9.66 billion and $0.67 million refunded in the previous year, highlighting the impact of the regulator’s consumer protection measures.

The apex bank also stepped up enforcement against financial institutions that failed to meet regulatory standards. It imposed 11 penalties worth N1.26 billion for offences including regulatory breaches and failure to respond to official queries. In addition, the CBN issued 21 further penalties totalling N430 million for delays in resolving customer complaints and failure to comply with regulatory directives. The growing number of CBN customer complaints and the increased enforcement actions underline the regulator’s commitment to protecting consumers and ensuring accountability across Nigeria’s banking sector. The CBN customer complaints process remains a key channel for resolving disputes between banks and their customers.

Do you think stricter penalties will encourage banks to improve customer service and complaint resolution?