Business and Economy
FCCPC Report: Banking, Fintech Top Consumer Complaints in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC) has released updated statistics on consumer complaints received and resolved across major sectors of the Nigerian economy.
According to a statement signed by the FCCPC’s Director of Corporate Affairs, Mr. Ondaje Ijagwu, the top ten sectors with the highest complaints during the period were: banking (3,173 complaints), Fast Moving Consumer Goods (FMCG) (1,543), fintech (1,442), and electricity (458). Others included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
The complaints ranged from unfair charges, service failures, unauthorized deductions, deceptive marketing, poor disclosure of terms, product defects, and delays in providing redress. In total, 9,091 cases were resolved, with consumer recoveries exceeding ₦10 billion, underscoring the financial burden faced by consumers in the absence of effective redress.
The release of sector-specific complaint data is in line with Sections 17(a) and 17(j) of the FCCPA 2018, which mandate the Commission to enforce consumer protection laws and make relevant information available to the public.
Speaking on the findings, the FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, noted: “These numbers are not just statistics; they reflect the daily frustrations of consumers and the challenges Nigerians face in essential services. The FCCPC is committed to holding businesses accountable, ensuring compliance with the law, and promoting fair practices that protect consumers’ welfare.”
Banking remained the leading source of complaints, both in volume and financial exposure, with recurring disputes around loan deductions, account charges, and failed transactions. Fintech services also ranked high in financial impact, pointing to consumer vulnerabilities in essential, high-value services. The FCCPC emphasized the need for stronger collaboration with the Central Bank of Nigeria (CBN) to tackle systemic issues.
The electricity sector, with 458 complaints, ranked fourth, reflecting persistent billing disputes and service delivery failures. The Commission stressed the importance of stronger coordination with the Nigerian Electricity Regulatory Commission (NERC), state regulators, and Distribution Companies (DisCos).
E-commerce disputes, though relatively low in monetary value, were high in frequency, involving issues of delivery failures, refunds, and counterfeit goods—making the sector a growing consumer concern.
The report also linked the rise in disputes over digital lending, investment schemes, and microfinance to the FCCPC’s recent regulatory actions targeting abuse in the digital lending sector.
The Commission reaffirmed its commitment to intensified monitoring, enforcement, and collaboration with regulators, especially in the financial and utility sectors where exploitation is most prevalent. It urged companies to strengthen internal complaint-resolution mechanisms and handle consumer grievances more effectively.
Consumers were encouraged to continue lodging complaints via the FCCPC portal (complaints.fccpc.gov.ng) or through zonal and state offices, noting that each report helps the Commission identify systemic issues and enforce compliance.