The Central Bank of Nigeria (CBN) has announced that it is working with the Nigerian Communications Commission (NCC) to introduce a single, industry-wide short code that will allow consumers to contact their financial institutions anytime, even without internet access. The initiative aims to make customer complaints easier and more accessible, especially for people using feature phones.
Dr. Aisha Isa-Olatinwo, Director of the Consumer Protection and Financial Inclusion Department at the CBN, disclosed this during a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, hosted by Enhancing Financial Inclusion and Advancement (EFInA). She explained that the rapid integration of telecom and financial services has left many customers unsure of where to report issues.
She noted that vulnerable consumers, particularly those without smartphones, often have to physically visit their banks when something goes wrong. The proposed short code, she said, will remove that barrier and allow consumers to connect directly with their financial service providers from anywhere in the country.
Dr. Isa-Olatinwo added that the CBN has strengthened its processes and deepened collaboration with banks to ensure fair and speedy resolution of issues. She revealed that the apex bank currently records a 94 percent month-on-month timely resolution rate for consumer complaints.
An EFInA poll presented at the meeting showed that 66 percent of respondents understand how to lodge and escalate complaints, while 26 percent said failed transactions were reversed within 24 hours. However, 61 percent reported encountering failed transactions within the past year, and others cited fraud cases, hidden charges, and poor customer service.
Speaking at the event, the President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs. Sola Salako-Ajulo, said consumers often feel unprotected and believe regulators side with service providers. She called for the introduction of fraud insurance to ease the burden on customers in fraud-related disputes.
She argued that banks should refund customers immediately after a fraud report, while investigations continue, saying this practice is standard in more developed financial systems.
Also contributing, Chairman of the Committee of e-Business Industry Heads (CeBIH), Mr. Ajibade Laolu-Adewale represented by Mr. Adeyemi Salisu—cautioned banks against referring customers back to merchants after failed transactions. He stressed that such disputes should be handled strictly between the acquiring and issuing banks, in line with existing regulations.
