The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that banking and fintech services accounted for the highest number of consumer complaints in Nigeria between March and August 2025.
According to the Commission, over ₦10 billion was recovered for aggrieved customers during the period under review.
In a statement issued on Thursday in Lagos, Mr. Ondaje Ijagwu, Director of Corporate Affairs of the FCCPC, said the agency received complaints across 30 sectors of the economy.
He disclosed that banking topped the list with 3,173 complaints, followed by fast-moving consumer goods (1,543), fintech (1,442), and electricity (458). Other key sectors included e-commerce (412), telecommunications (409), retail/wholesale (329), aviation (243), IT (131), and road transport/logistics (114).
Ijagwu explained that the Commission successfully resolved 9,091 complaints during the period, underscoring its expanding role in consumer protection.
“This data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines,” the statement read
“The total number of complaints resolved during the reporting period was 9,091, while total recoveries for consumers exceeded ₦10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress.”
Ijagwu further noted that the publication of sector-specific complaint data was in line with the Commission’s mandate under Sections 17(a) and 17(j) of the FCCPA 2018, which empowers the FCCPC to enforce consumer protection laws and make its functions publicly accessible.
He explained that banking and fintech complaints carried the largest financial impact, ranging from loan deductions and unfair charges to transaction disputes. Electricity sector cases, he added, reflected persistent billing issues and poor service delivery, while e-commerce complaints pointed to frequent challenges with refunds, deliveries, and counterfeit goods.
He also highlighted that the spike in digital lending and microfinance-related disputes aligns with recent FCCPC regulations aimed at curbing excesses in the digital lending space.
The Commission assured consumers of intensified monitoring, enforcement, and collaboration with other regulators, particularly in financial services and utilities where vulnerabilities remain high. Consumers were also urged to continue reporting grievances through its online portal. “Every report aids in identifying systemic problems and enforcing compliance,” the Commission said.
Commenting on the findings, FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, said the figures reflected the lived reality of many Nigerians.
“These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in essential services,” Bello said.
“However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers,” he added.
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