Banking, Fintech Complaints Top as FCCPC Recovers ₦10bn

By Oluwakemi Kindness

The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that Nigerian consumers recovered more than ₦10 billion between March and August 2025.

This comes as banking and fintech services emerged as the leading sources of consumer complaints.

According to updated data released by the Commission on Thursday, banking accounted for 3,173 complaints, while fintech services followed with 1,442.

This the commission said underscores recurring grievances over loan deductions, account charges, transaction disputes, and unauthorised debits. Fast Moving Consumer Goods (FMCG) ranked third with 1,543 cases, and electricity placed fourth with 458.

Other sectors where consumers lodged complaints include e-commerce (412), telecommunications (409), retail and shopping (329), aviation (243), IT (131), and logistics (114).

In total, 9,091 complaints were resolved during the six-month period, covering issues such as unfair charges, product defects, service failure, deceptive marketing, and poor redress mechanisms.

Reacting to the data, FCCPC Executive Vice Chairman/CEO, Tunji Bello, said the complaints reflect the daily struggles of Nigerians in accessing essential services.

*“These numbers are not just statistics; they tell the story of consumer frustration. The FCCPC is determined to hold businesses accountable and ensure fair market practices that protect the welfare of all consumers,”* he stated.

The Commission noted that while banking and fintech dominate in financial impact, electricity complaints continue to reveal deep frustrations with billing disputes and service failures.

E-commerce disputes, while typically involving smaller sums, have become increasingly common, with consumers frequently raising concerns over refunds, delayed deliveries, and counterfeit products.

The FCCPC also highlighted an increase in disputes linked to digital lending and investment schemes, aligning with its recent rollout of new regulations to curb abusive practices in the digital lending sector.

The Commission urged businesses to strengthen internal complaint-handling systems and reaffirmed its commitment to deeper collaboration with regulators such as the Central Bank of Nigeria (CBN) and the Nigerian Electricity Regulatory Commission (NERC).

Consumers were encouraged to continue reporting violations via the FCCPC complaint portal or at zonal and state offices, as every report helps the Commission identify systemic issues and enforce compliance.