FCCPC Consumer Complaints Report Exposes Bank Failures

FCCPC Consumer Complaints Report reveals banking and fintech sectors lead in grievances, with over ₦10 billion recovered for Nigerian consumers

FCCPC Consumer Complaints Report has unveiled troubling trends across Nigeria’s service sectors, with banking and fintech leading in consumer dissatisfaction.

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In a newly released update covering March to August 2025, the Federal Competition and Consumer Protection Commission (FCCPC) reported a surge in complaints, with banking services receiving 3,173 cases, followed closely by fast-moving consumer goods (FMCG), fintech, and electricity sectors.

Over ₦10 billion in consumer funds were recovered during this six-month period — a powerful indication of the scale of financial harm experienced by Nigerians.

According to the FCCPC, these complaints spanned issues like unauthorized deductions, deceptive marketing, account errors, billing problems, and failed services.

Executive Vice Chairman of the Commission, Mr. Tunji Bello, emphasized that these figures reflect more than numbers.

“They tell the story of consumer frustration and the challenges Nigerians face every day. The FCCPC remains committed to protecting consumer rights and promoting fairness,” he stated.

The FCCPC Consumer Complaints Report confirms that the financial services ecosystem — including banks and fintechs — continues to attract the most complaints, largely due to loan repayment issues, transaction disputes, and poor customer redress mechanisms.

Fintech complaints, numbering 1,442, point to an evolving problem tied to digital lending and microfinance schemes.

This coincides with the rollout of new FCCPC regulations targeting abusive digital lending practices.

The electricity sector ranked fourth, with 458 cases linked to estimated billing and poor service delivery, signaling a need for deeper collaboration with NERC and DisCos.

E-commerce, while lower in financial impact, saw high-frequency complaints involving failed deliveries, refund issues, and counterfeit goods — underscoring the everyday risks for Nigerian shoppers online.

With 9,091 complaints resolved, the Commission has doubled down on enforcement, data-driven monitoring, and sector collaboration, particularly with the Central Bank of Nigeria (CBN) and other regulators.

The FCCPC Consumer Complaints Report serves as a wake-up call to regulated entities. The Commission urged businesses to strengthen internal complaint resolution mechanisms and warned that systemic failures will not go unpunished.

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Consumers are encouraged to continue reporting violations via the FCCPC portal or its zonal offices. Each complaint, the Commission noted, contributes to greater market accountability and consumer justice.