CBN and NCC plan a new CBN consumer short code to help Nigerians reach banks easily, improve complaint resolution and boost financial protection
The Central Bank of Nigeria Governor, Yemi Cardoso, through the Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, announced in Abuja on Wednesday that the CBN is collaborating with the Nigerian Communications Commission to introduce an industry-wide CBN consumer short code to help Nigerians reach their financial institutions anytime, even without internet access.
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The announcement was made during a virtual Consumer Protection Town Hall meeting hosted by Enhancing Financial Inclusion and Advancement.
Dr Isa-Olatinwo said the shift in Nigeria’s financial ecosystem, driven by the convergence of telecom and banking services, has left many consumers confused about where to direct complaints. She noted that low-income and rural consumers suffer the most, often relying on feature phones and having to visit bank branches physically when challenges arise.
She explained that the short code will allow seamless communication with financial institutions, improve response times and reduce barriers for vulnerable consumers.
She added that the CBN recently streamlined its internal processes with banks to strengthen protection mechanisms across the sector.
She disclosed that the regulator now resolves 94 percent of consumer complaints within expected timelines, a figure she described as a powerful sign of progress.
An EFInA poll presented during the meeting indicated that 61 percent of respondents had experienced failed transactions in the past year, while 26 percent reported reversals within 24 hours and 54 percent within 48 hours. Other concerns included fraud, hidden charges and poor customer service.
President of the Consumer Advocacy Foundation of Nigeria, Mrs Sola Salako-Ajulo, said many Nigerians still feel unprotected and believe regulators favour service providers.
She called for fraud insurance to be introduced so banks can refund victims immediately before completing investigations.
Chairman of the Committee of e-Business Industry Heads, Mr Ajibade Laolu-Adewale, represented by the Provost of CeBIH Academy, Mr Adeyemi Salisu, reminded banks that customers should never be referred back to merchants after failed transactions.
He said that under existing regulations, issuing and acquiring banks must resolve disputes directly to ensure customer satisfaction.
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The CBN’s planned short code is expected to form a central pillar of a more accessible, accountable and consumer-centred financial system ahead of broader reforms targeting market integrity and inclusion.
