 Central Bank of Nigeria (CBN) announced plans to introduce a short code that will allow consumers to reach their banks anytime, even without internet access.
The initiative is being developed in partnership with the Nigerian Communications Commission (NCC) to make complaint reporting easier for all Nigerians, especially those using basic phones or without online access.
Director of the CBN’s Consumer Protection and Financial Inclusion Department, Dr. Aisha Isa-Olatinwo,revealed the plan during a virtual Consumer Protection Town Hall organized by Enhancing Financial Inclusion and Advancement (EFInA).
She explained that many consumers currently face difficulties knowing where to lodge complaints, particularly in areas where internet access is limited.
The CBN has also improved its internal complaint-handling processes and works closely with banks to resolve issues while maintaining the stability of the financial system.
Recent figures show that 94 percent of consumer complaints are now resolved on time each month.
Mrs. Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), said consumers often feel unprotected and suggested that fraud insurance could help banks quickly refund customers while investigating disputes.
She argued that the current system places too much responsibility on consumers to prove fraud cases.
Regarding disputes between banks and merchants, Mr. Ajibade Laolu-Adewale of the Committee of e-Business Industry Heads (CeBIH), represented by Mr. Adeyemi Salisu, stated that customers should not be sent back to merchants when transactions fail.
Instead, banks involved must resolve disputes directly to ensure consumers are satisfied.
