CBN fines banks N430m for complaint delays as complaints rise 10.5% in 2025
The Central Bank of Nigeria fined 21 financial institutions a total of N430 million in 2025 for delaying complaint resolution and failing to follow its directives, according to the CBN’s 2025 Annual Report. During the same period, consumer complaints rose 10.5% to 23,129, up from 20,925 in 2024, with 18,824 resolved—up 9.4%—and refunds paid out jumping to N19.12 billion and $329.3 million, compared to N9.66 billion and $0.67 million the previous year. The CBN also imposed an additional N1.26 billion in penalties on 11 institutions for other regulatory breaches and failing to respond to queries.
Why this matters: The rise in complaints and refunds shows more Nigerians are using the CBN’s consumer protection channel and getting money back when banks fail them. The heavier penalties signal a stricter regulatory stance, which could push banks to improve service and possibly adjust fees as the CBN reviews excessive transaction alerts and charges.
What you should know: If you have an unresolved issue with a bank, you can lodge a complaint via the CBN’s Consumer Protection Department. The regulator has set up quarterly meetings with deposit money banks and the top microfinance banks to address lingering complaints. Keep an eye on announcements about changes to bank charges or alert systems, as these may affect your banking costs.