Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 for delays in resolving customer complaints and failure to comply with regulatory directives, according to its 2025 Annual Report.
The report showed that the apex bank sanctioned financial institutions as part of efforts to strengthen consumer protection and enforce compliance across the banking sector.
According to the report, the CBN imposed 21 penalties worth N430 million for infractions related to complaints management.
“The Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives,” the report stated.
The report also indicated that the number of complaints received from users of financial services increased during the year.
According to the CBN, it received 23,129 complaints in 2025, representing a 10.53 per cent increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to greater public awareness of its consumer protection mechanisms and improved confidence in its complaint resolution process.
“The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process,” it said.
The report further revealed that the CBN successfully resolved 18,824 complaints during the year, an increase of 9.36 per cent from the 17,213 complaints resolved in 2024.
It also highlighted a significant rise in the value of claims handled by the regulator.
According to the report, claims denominated in naira rose from N17.13 billion in 2024 to N40.61 billion in 2025, while foreign currency claims increased sharply from 1.06 million dollars to 344.2 million dollars over the same period.
Consumers recovered refunds totaling N19.12 billion and 329.3 million dollars in 2025, compared to N9.66 billion and 670,000 dollars refunded in the previous year.
In addition to the sanctions related to customer complaints, the report disclosed that the CBN imposed another 11 penalties amounting to N1.26 billion on financial institutions for various regulatory breaches and failure to respond to regulatory queries.
The report said the measures formed part of broader reforms aimed at strengthening the CBN’s supervisory and market conduct framework.
It noted that the regulator established a dedicated Compliance Department to enhance oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance among regulated institutions.
The report recalled that the CBN had, in 2022, issued guidelines outlining procedures for customers to lodge complaints against financial institutions, including commercial banks.
Meanwhile, the Governor of the CBN, Mr Olayemi Cardoso, recently disclosed that the apex bank and Deposit Money Banks were reviewing transaction alerts and customer charges following concerns raised by bank customers over excessive deductions and unclear debit notifications.
Cardoso also said the CBN had established a quarterly engagement framework involving its Consumer Protection Department, Deposit Money Banks and the top 10 microfinance banks to improve the resolution of customer complaints and strengthen confidence in Nigeria’s financial system.
