Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) have unveiled plans for a universal short code to enable bank customers lodge complaints easily, bolstering consumer protection and financial inclusion.
NCC
The initiative targets a simple dial-in channel accessible without smartphones or internet, allowing direct contact with banks for redress and minimising branch visits amid persistent digital divides.
CBN Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, said the proposal addresses challenges preventing effective complaint resolution, promoting equal access for all customers.
She disclosed that the apex bank has enhanced its complaint management framework through closer ties with deposit money banks, achieving 94 per cent resolution within one month.
A recent Enhancing Financial Inclusion and Advancement (EFInA) survey pinpointed key issues, with 61 per cent of respondents facing failed transactions, 66 per cent knowing escalation procedures, and varied reversal times–26 per cent in 24 hours, 54 per cent in 24-48 hours.
