By Amofokhai Williams
The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that banking and fintech services accounted for the highest volume of consumer complaints in Nigeria between March and August 2025.
Releasing updated sectoral data on Thursday, the Commission revealed that of the 30 sectors tracked, banking recorded 3,173 complaints, Fast-Moving Consumer Goods (1,543), fintech (1,442), and electricity (458).
The Alarmee reports that other sectors in the top 10 included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport/logistics (114).
The Commission reported resolving 9,091 cases during the period, securing over ₦10 billion in recoveries for aggrieved consumers.
Common grievances ranged from unauthorised deductions and deceptive marketing to service failures, billing disputes, and poor redress mechanisms.
FCCPC Chief Executive Officer, Mr. Tunji Bello, said the figures reflect daily consumer struggles across essential services.
“These numbers are not just statistics; they tell the story of consumer frustration. The FCCPC is determined to hold businesses accountable and protect consumer welfare,” he said.
The Commission noted that banking and fintech complaints carry the greatest financial impact, underscoring the urgency of stronger regulatory collaboration with the Central Bank of Nigeria.
Electricity, ranking fourth, highlighted persistent billing disputes and service failures, requiring closer coordination with NERC and DisCos.
E-commerce disputes, while lower in monetary value, were described as high-frequency, involving refunds, counterfeit goods, and delivery issues, making the sector a rising consumer risk.
The FCCPC also linked the spike in digital lending and investment-related complaints to its recent introduction of stricter regulations on digital lending practices.
It said efforts are being intensified to enforce compliance, with special focus on financial services and utilities where recurring patterns of exploitation demand corrective action.
