The Federal Competition and Consumer Protection Commission (FCCPC) says it helped Nigerian consumers secure more than ₦10 billion in refunds from banks, fintechs, and other service providers between March and August 2025.
The refunds stemmed from 9,091 complaints resolved through the commission’s consumer complaints portal, the regulator disclosed on Thursday.
According to the data, the banking sector recorded the highest number of cases with 3,173 complaints, followed by fast-moving consumer goods (1,543), fintech (1,442), and electricity (458). Other flagged sectors included e-commerce (412), telecoms (409), retail and wholesale shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
“These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in essential services,” FCCPC Chief Executive Officer, Tunji Bello, said.
The commission explained that banking and fintech accounted for the largest financial impact, dominated by loan deduction disputes, unfair charges, and unauthorised debits. It stressed the need for stronger collaboration with the Central Bank of Nigeria to ensure consumer protection in critical financial services.
E-commerce complaints, it added, are also rising rapidly, particularly over failed deliveries, refunds, and counterfeit products, underscoring fragility in the digital economy.
In July, the FCCPC warned that digital lenders could face fines of up to ₦100 million or 1% of turnover for abusive practices. The regulator said it would intensify monitoring, enforcement, and collaboration with sector regulators to protect consumers.
