In a span of six months, the Federal Competition and Consumer Protection Commission (FCCPC) has successfully reclaimed over N10 billion on behalf of customers from banks, fintech firms, and other service providers.
These recoveries were prompted by numerous grievances related to poor service delivery, unauthorized charges, defective products, and misleading advertising tactics.
The commission shared these insights in a recent data update released on Thursday.
According to the FCCPC, more than 9,000 complaints were lodged across 30 different industries between March and August, leading to these significant recoveries.
Among the sectors, banking, fast-moving consumer goods (FMCG), and financial technology companies recorded the highest number of complaints.
Specifically, the banking industry received 3,173 complaints, followed by FMCG with 1,543, fintech with 1,442, and the electricity sector with 458.
Other notable sectors included e-commerce (412 complaints), telecommunications (409), retail and wholesale trade (329), aviation (243), information technology (131), and road transport and logistics (114).
The commission highlighted that financial disputes dominated complaints in the banking and fintech sectors, particularly issues involving unauthorized loan deductions, account fees, and transaction failures.
This pattern underscores the vulnerability of consumers in high-stakes financial services and signals the necessity for enhanced collaboration with the Central Bank of Nigeria (CBN).
Electricity-related complaints, ranking fourth, primarily involved ongoing billing disagreements and service interruptions, emphasizing the importance of stronger partnerships with the Nigerian Electricity Regulatory Commission (NERC), state authorities, and distribution companies (DisCos).
While e-commerce complaints were generally lower in monetary value, their frequency pointed to widespread consumer challenges at the retail level, especially concerning delivery delays, refund processes, and counterfeit products.
The FCCPC also observed a surge in complaints linked to digital lending platforms, investment schemes, and microfinance institutions, coinciding with the commission’s recent implementation of more stringent regulations for the digital lending industry.
Looking ahead, the FCCPC has pledged to ramp up its oversight and enforcement efforts, concentrating on financial services and utility sectors where consumer exploitation remains prevalent.
In a statement, FCCPC’s Executive Vice Chairman, Tunji Bello, emphasized that these figures represent more than mere data-they reflect the everyday frustrations and obstacles Nigerians encounter in accessing essential services.
Bello affirmed the commission’s commitment to holding businesses accountable, enforcing compliance with consumer protection laws, and safeguarding consumer interests.
Babajide Okeowo
