N10bn Recoveries: Banking, fintech, PHCN top 9,000 complaints

BY BONNY AMADI

Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) on Thursday released new data showing it received more than 9,000 consumer complaints between March and August, resolving cases that led to recoveries of over N10 billion.

The Commission’s Director of Corporate Affairs, Ondaje Ijagwu made the disclosure in a signed statement signed, which revealed that banking topped the list with 3,173 complaints, followed by fast-moving consumer goods (1,543), fintech (1,442) and electricity (458).

Other sectors included e-commerce (412), telecommunications (409), retail and shopping (329), aviation (243), information technology (131) and road transport and logistics (114).

The commission said the grievances ranged from unfair charges, unauthorised deductions and deceptive marketing to product defects and failure to provide redress within acceptable timelines.

“These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services,” FCCPC Executive Vice Chairman/Chief Executive Officer Tunji Bello said.

“However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FC CPA, and promote fair market practices that protect the welfare of all consumers.”

Banking remained the dominant source of grievances, both in volume and financial exposure, with recurring disputes over loan deductions, account charges and failed transactions.

The commission said the prevalence of financial sector disputes highlighted the reliance of the public on its intervention in systemic challenges.

Banking and fintech together accounted for the highest financial impact, revealing consumer vulnerability in essential, high-value services. The FCCPC said the trend pointed to the need for stronger joint oversight with the Central Bank of Nigeria (CBN).

Electricity ranked fourth with 458 complaints, mostly billing disputes and service failures. The commission said the findings underlined the importance of closer coordination between the FCCPC, the Nigerian Electricity Regulatory Commission (NERC), state regulators and distribution companies.

E-commerce disputes were de- scribed as relatively low in monetary value but high in frequency. The commission noted recurring complaints over delayed deliveries, refunds and counterfeit goods reflecting growing exposure of consumers to online transactions.

The report also flagged a high incidence of disputes linked to digital lending, investment schemes and microfinance services.

The FCCPC said this coincided with the unveiling of a new regulation to curb abuses in the digital lending sector.

It said it was intensifying monitoring, enforcement and collaboration with other regulators, particularly in financial and utility services, where recurring patterns of consumer exploitation required corrective action. It encouraged companies to study the data and improve internal complaint handling.

The commission reminded consumers to continue reporting violations through the FCCPC complaint portal, its zonal and state offices, noting that each report helps identify systemic issues and enforce compliance.