Bank customers’ complaints rise 11% as CBN orders N19bn refunds

•Slams N1.69bn penalties on banks’ breaches

By Babajide Komolafe

Bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year, prompting the Central Bank of Nigeria, CBN, to order refunds totaling N19.12 billion and $329.3 million to affected consumers.

The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.

The CBN attributed the increase in complaints to growing public confidence in its consumer protection framework rather than a deterioration in banking services.