Central Bank of Nigeria (CBN) refunded N19.12 billion to bank customers in 2025 after resolving nearly 90 percent of complaints lodged against financial institutions during the year, according to its 2025 Annual Report.
Gatekeepers News reports that the apex bank said it received 20,925 consumer complaints relating to financial services in 2025 and successfully resolved 18,824 cases, representing about 90 percent of the total. CBN attributed the increase in resolved cases to growing public awareness and stronger confidence in its consumer complaint resolution process.
The report showed that refunds to customers almost doubled, rising from N9.66 billion in 2024 to N19.12 billion in 2025, a 97.9 percent increase. Claims denominated in naira also surged from N17.13 billion to N40.61 billion during the review period.
The CBN also recorded a sharp increase in foreign currency-related claims, which climbed to $344.2 million from $1.06 million in the previous year. Following the resolution of complaints, customers received refunds totalling $329.3 million, compared to $670,000 refunded in 2024.
As part of efforts to strengthen consumer protection, the regulator said it intensified enforcement against erring financial institutions. It imposed 11 penalties worth N1.26 billion on institutions for regulatory breaches and failure to respond to regulatory queries, while 21 financial institutions were sanctioned with N430 million in fines for delays in resolving customer complaints and failing to comply with the CBN’s directives.
The apex bank said the improvement in complaint resolution reflects its commitment to protecting consumers and ensuring financial institutions comply with regulatory standards.
