Rising Concerns: Bank Customer Complaints Soar by 63%

Rising Concerns: Bank Customer Complaints Soar by 63%
CBN Governor, Dr. Olayemi Cardoso

Rising Concerns: Bank Customer Complaints Soar by 63%

The number of complaints from customers of five Nigerian banks surged by over 63.54% in 2023, reaching over 10 million, up from 6.12 million the previous year. Notably, more than half of these complaints were attributed to Nigeria’s largest bank, AccessCorp. The data, drawn from audited financial reports submitted to the Nigerian Exchange Limited, sheds light on the scale of customer grievances within the banking sector.

AccessCorp witnessed an 81.26% increase in complaints, totaling 5,120,653 in 2023, compared to 2,824,979 in 2022. The bank reported resolving a significant portion of these complaints, amounting to N273.04 billion, with N2.07 billion refunded. Similar trends were observed in complaints handled by other banks, including United Bank for Africa (UBA), Zenith Bank, Guaranty Trust Holding Company (GTCO), and Wema Bank.

UBA experienced a doubling of customer complaints, reaching 2,962,339 in 2023, up from 1,408,062 the previous year, with N178.08 billion claimed. In response, UBA introduced a ‘Scan to Resolve Complaint’ portal, aiming to expedite grievance resolution and enhance customer satisfaction.

Conversely, Zenith Bank witnessed a decrease in complaints by about 25.29%, totaling 355,210 in 2023, down from 475,499 in 2022, with N16.92 billion claimed. GTCO and Wema Bank also reported fluctuations in customer complaints, reflecting broader challenges within the banking sector.

The Central Bank of Nigeria (CBN) has taken steps to address consumer grievances, directing banks to expand their ATM help desks to handle all types of complaints. The CBN emphasized consumers’ rights to escalate unresolved complaints to the Consumer Protection Department, ensuring timely resolution and redress.

As the banking sector navigates increased consumer complaints, regulatory measures and initiatives aimed at improving customer service and grievance resolution are paramount. The CBN’s efforts to educate consumers on their rights and responsibilities further underscore the importance of transparency and accountability within the financial services industry.

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