The Federal Competition and Consumer Protection Commission (FCCPC) has reported that banking and fintech services accounted for the highest number of consumer complaints in Nigeria between March and August. The Commission also confirmed that over N10 billion was recovered for customers during this period.In a statement by the Director of Corporate Affairs, Mr. Ondaje Ijagwu, the FCCPC revealed that complaints were received across 30 sectors. The banking sector recorded 3,173 cases, the highest figure, followed by fast-moving consumer goods with 1,543, fintech with 1,442, and electricity with 458. A total of 9,091 cases were resolved during the review period.
The Commission explained that complaints included unfair charges, service failures, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and delays in providing redress. It added that banking and fintech issues created the largest financial impact, often involving loan deductions, transaction disputes, and hidden charges. Electricity sector complaints mainly related to billing and service delivery, while e-commerce grievances highlighted frequent problems with refunds, deliveries, and counterfeit goods.
The FCCPC linked the rise in digital lending and microfinance disputes to ongoing efforts to regulate the sector and curb consumer abuse. It said the publication of sector-specific complaint data is in line with Sections 17(a) and 17(j) of the FCCPA 2018, which mandate transparency and enforcement of consumer rights.
Executive Vice Chairman and CEO of the FCCPC, Mr. Tunji Bello, noted that the figures reflect the everyday struggles Nigerians face with essential services. He stressed that the Commission remains committed to holding businesses accountable, enforcing compliance, and safeguarding consumer welfare. The FCCPC encouraged consumers to continue lodging complaints via its portal, complaints.fccpc.gov.ng, to help identify systemic issues and strengthen enforcement.
Source: https://thenationonlineng.net/
