- The CBN resolved 9,771 out of 10,704 customer complaints in the first half of 2025, according to its Financial Stability Report
- Customer complaints rose by 143.3% year-on-year and were mostly related to electronic transactions, fraud and banking services
- The total number of claims reached N21.42 billion and $5.09 million, while refunds of N7.17 billion were made to affected customers
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has reported that it successfully resolved 9,771 out of the 10,704 complaints submitted by bank customers in the first half of 2025 (H1’25). This was revealed in the apex bank’s latest Financial Stability Report.
According to the report, the volume of complaints surged sharply, rising by 143.3% year-on-year from 4,398 cases recorded in the same period of 2024.
Source: UGC
The CBN attributed the spike to increased awareness of consumer rights, stronger regulatory focus on complaint reporting, and growing public confidence in the bank’s complaint-handling and redress mechanisms.
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Nature and sources of customers’ complaints
Further analysis showed that 53.45% of the complaints were filed against Commercial, Merchant and Non-Interest Banks (CMNBs), while Other Financial Institutions (OFIs) accounted for the remaining 46.55%.
In terms of categories, issues related to electronic transactions and card services dominated, making up 51.50% of total complaints. Fraud-related cases followed closely at 39.27%, while account management issues, excess charges and other concerns constituted the remainder.
Banks’ refunds, claims and resolution rate
The report noted that the number of complaints resolved or closed increased by 4.57% compared to the preceding half-year, rising from 9,344 cases to 9,771 in H1 2025.
During the period under review, total claims amounted to N21.42 billion and $5.09 million, a significant increase from N4.53 billion and $1.05 million recorded in the second half of 2024. Out of these claims, customers received refunds totalling N7.17 billion and $3,432.20.
Source: UGC
CBN orders banks to act faster on fraud cases
Recall that Legit.ng earlier reported that the CBN had instructed banks to respond to fraud complaints within 30 minutes.
This directive is aimed at helping banks recover stolen funds more quickly, reduce losses for customers and lower risks to the financial system.
The CBN noted that Nigerian banks have made good progress in tackling older types of fraud, such as ATM card cloning, through the use of chip-and-PIN cards and stronger security controls.
The introduction of the Bank Verification Number (BVN), especially its linkage with the National Identification Number (NIN), has also helped to cut down identity-related fraud.
However, the apex bank warned that new and more complex fraud methods are now on the rise.
These include online scams, social engineering attacks, SIM-swap fraud, insider involvement and authorised push payment (APP) scams, where customers are tricked into approving fraudulent transfers.
Source: UGC
Bank uncovers app fraudsters use to hack accounts
In a related development, Legit.ng reported that Wema Bank has alerted customers to a newly identified malware, known as “Brokewell,” being deployed by fraudsters to hack accounts and steal sensitive information.
The bank warned customers to remain vigilant and avoid downloading the malware, which is engineered to capture personal data and banking credentials.
According to Wema Bank, “Brokewell” is being distributed through multiple channels, including phishing emails and malicious websites.
Source: Legit.ng