Customers’ complaints force banks to refund N1.18bn

In a dramatic turn, Nigeria’s top commercial banks made hefty refunds totaling N1.18 billion to resolve customer complaints in 2023. This staggering figure marks a jaw-dropping 736% surge from the N141.14 million reimbursed in 2022.

Delving deeper into the financial statements of these banks, an astounding 11,014,343 complaints were successfully addressed in 2023, witnessing a remarkable 1,412% leap from the previous year’s 728,338 resolved grievances.

Yet, the saga continues with 876,847 complaints left unresolved, prompting 248 cases (equating to N389.4 million) to be escalated to the Central Bank of Nigeria (CBN). Meanwhile, a whopping 875,999 complaints, valued at N94.04 million, still linger with the banks, casting a shadow over customer satisfaction.
Comparing these numbers to 2022, unresolved complaints have swelled by 7.5%, reaching 876,181.

As the tide rises, a staggering 11,788,243 complaints flooded in during the period, accompanied by a claimed amount of N43.96 billion. This reflects a 67.7% year-on-year surge in complaints received, yet a substantial 98.3% plummet in claimed amounts from the preceding year.

However, amidst the storm, a glimmer of hope emerges as the number of pending complaints dwindles by 68.9% year-on-year, reaching 118,153 (worth N15.65 billion) in 2023, down from 380,008 (worth N756.59 million) in 2022.

In the tumultuous landscape of Nigerian banking, the journey towards customer satisfaction remains a rocky road, but these figures illustrate both progress and challenges ahead.