CBN settles 18,824 customer complaints, refunds N19.12bn in 2025

THE Central Bank of Nigeria (CBN) refunded N19.12 billion to customers of financial institutions in 2025 following the resolution of thousands of consumer complaints, according to its latest annual report.

The report showed that the apex bank handled 20,925 complaints during the year and successfully resolved 18,824 of them, translating to a resolution rate of almost 90 percent. This was also higher than the 17,213 complaints resolved in 2024.

Customer refunds in naira rose sharply during the period, increasing by 97.9 percent to N19.12 billion in 2025 from N9.66 billion in 2024. The value of claims lodged in local currency also expanded significantly, reaching N40.61 billion compared with N17.13 billion recorded a year earlier.

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The CBN also reported a substantial increase in foreign currency-related complaints. Total claims denominated in foreign currency rose to $344.2 million in 2025 from $1.06 million in the preceding year. Following the resolution of these cases, customers recovered $329.3 million, a sharp rise from the $670,000 refunded in 2024.

According to the regulator, the growing number of complaints reflects stronger public trust in its consumer protection framework as well as increased awareness of the complaint resolution channels available to financial services consumers.

“The Bank received a total of 20,925 complaints from consumers of financial services in 2025,” the report said, adding that the increase reflected “improved confidence in the Bank’s consumer complaint resolution process.” It noted that 18,824 complaints were resolved during the year, representing a 9.36 percent increase over the previous year.

As part of its consumer protection enforcement, the CBN said it imposed sanctions on financial institutions that failed to comply with regulatory requirements. Eleven institutions were fined a combined N1.26 billion for regulatory infractions, including breaches of applicable rules and failure to respond to regulatory queries.

In a separate enforcement action, the apex bank sanctioned 21 financial institutions with fines totalling N430 million for failing to resolve customer complaints within stipulated timelines and for disregarding the CBN’s directives.