The Central Bank of Nigeria (CBN) says it is working with the Nigerian Communications Commission (NCC) to introduce a single, industry-wide short code that will make it easier for customers to send complaints to their banks and other financial institutions.

The Director, Consumer Protection and Financial Inclusion Department at the CBN, Dr Aisha Isa-Olatinwo, disclosed this during a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, organised by Enhancing Financial Innovation and Access (EFInA).

She said the new short code is designed with vulnerable consumers in mind, especially people who use basic feature phones or do not have regular internet access.

“We are working with the NCC to develop an industry short code that will enable consumers to reach their financial institutions anytime, with or without internet access,” she said.

Isa-Olatinwo noted that Nigeria’s financial system now cuts across banking and telecoms, which often leaves consumers confused about where to report issues. She added that the CBN has streamlined its processes and is working closely with banks to improve complaint handling, saying the apex bank now achieves about 94 per cent month-on-month timely resolution of consumer issues.

An EFInA poll presented at the event showed that:

• 66 per cent of respondents know how to lodge and escalate complaints
• 61 per cent experienced failed transactions in the last 12 months
• 26 per cent said failed transactions were reversed within 24 hours, while 54 per cent got reversals within 24–48 hours
• 6 per cent experienced fraud, 14 per cent reported hidden charges, and 15 per cent reported poor customer service

President of the Consumer Advocacy Foundation of Nigeria (CAFON), Mrs Sola Salako-Ajulo, said many Nigerians still feel unprotected and believe regulators favour service providers. She called for fraud insurance, arguing that banks should be able to refund customers quickly in fraud cases and then conclude their investigations.

On dispute resolution, Chairman of the Committee of e-Business Industry Heads (CeBIH), Mr Ajibade Laolu-Adewale (represented by Mr Adeyemi Salisu), stressed that customers should not be sent back to merchants when transactions fail.

“The dispute is between the acquiring bank and the issuing bank. Bank staff must never send customers back to the merchant. Regulation already states that for every dispute, the two banks must engage and resolve it so the consumer can be satisfied,” he said.