It starts with a notification that catches you off guard: someone has taken money from your bank account without your permission. Naturally, you reach out to your bank to report the issue and
It starts with a notification that catches you off guard: someone has taken money from your bank account without your permission. Naturally, you reach out to your bank to report the issue and hope for a swift resolution.
But as days turn into weeks, you find yourself in a frustrating limbo to get your money back. The bank might deny your claim, vaguely promise to look into it, or, worse, go completely silent. You’ve done everything right, yet nothing changes.
For many customers in Nigeria, this scenario is all too common and deeply frustrating. But when your bank stops responding or brushes off your complaints, you still have options. You can turn to regulators who are empowered to help you, and they can take action.
Here’s a straightforward guide on what to do next:
Start with your bank, but do it properlyWhen dealing with bank issues, especially unauthorised money removal, it is essential to keep a clear record of your communications with the bank itself before escalating your complaint. This is crucial because regulators will want to know if you attempted to resolve the matter internally first.
Start by visiting a bank branch in person. Speak to a customer service representative and ask them to log your complaint officially. Make sure to get a reference number for your case. If you choose to file your complaint online or through the bank’s app, take screenshots of everything: your submission, the acknowledgement message, and any responses you receive from the bank.
When writing your complaint, be as specific as possible. Mention the exact amount of money involved, the date of the transaction, the type of transaction it was, and a clear description of what went wrong. For example, saying “I did not authorise this transfer” or “I was charged twice for the same transaction” is much clearer than simply saying “money left my account. Refund my money”
Under the regulations set by the Central Bank of Nigeria (CBN), banks are obligated to address complaints within a specific timeframe. They must acknowledge your complaint within 24 to 48 hours and aim to resolve most issues within 14 working days. If your bank takes longer than that without resolving your issue satisfactorily, you have valid grounds to escalate your complaint further.
By following these steps, you’ll have a solid foundation for resolving your banking issue effectively.
When the bank fails to refund your money, go to the CBNThe Central Bank of Nigeria (CBN) serves as the main authority overseeing all commercial banks, microfinance banks, and most financial institutions in Nigeria. If you ever have issues with your bank that you can’t resolve on your own, the CBN has a dedicated Consumer Protection Department to help you.
To file a complaint, you can visit the CBN’s Consumer Protection portal at consumerportal.cbn.gov.ng. When you do, be ready to provide some important details: your information, the name of the financial institution involved, a clear description of the issue you faced, and any evidence of your attempts to resolve it directly with the bank.
Remember to upload all relevant documents, such as bank statements, screenshots, letters, and reference numbers.
The CBN treats these complaints with utmost seriousness. Once you submit a valid complaint, the bank must respond and work to resolve the issue, especially when money has been removed. Unlike how they may overlook individual customer complaints, banks know they must comply with CBN directives.
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If your issue relates to a payment platform, mobile money operator, or a fintech company that’s not a traditional bank, the CBN still covers many of them. However, for issues specifically involving lending or other consumer services that fall outside CBN’s guidelines, you should reach out to the Federal Competition and Consumer Protection Commission (FCCPC) instead. You can find them at fccpc.gov.ng.
The Financial Ombudsman: the option most Nigerians don’t know aboutIn Nigeria, consumers have important rights and options when dealing with banks and financial service providers. The Consumer Protection Council and the Central Bank of Nigeria (CBN) have set up processes for consumers to report complaints.
However, many people do not know there is another authority aside from the CBN for financial matters. If the CBN process isn’t moving forward, you can request arbitration or take your issue to the Federal Competition and Consumer Protection Commission (FCCPC).
The FCCPC is dedicated to safeguarding consumers across all industries, including finance. If you feel that your bank or a fintech service has treated you unfairly, misled you, or denied a valid refund without a good reason, you can file a complaint directly with them.
The FCCPC has the power to investigate your case, impose penalties on companies, and ensure that your concerns are addressed.
While your complaint is being processed, there are a few practical things worth doing:
First, put everything in writing. If you have only spoken to your bank on the phone, follow up every conversation with a written email or message summarising what was said and what was promised. This creates a record the bank cannot later contradict.
Second, if the disputed amount is significant and you believe fraud is involved, report it to the Nigeria Police Force’s cybercrime unit or the Economic and Financial Crimes Commission. This is particularly important for cases involving unauthorised money transfers, SIM swap fraud, or account takeover.
Third, be persistent without being abusive. Regulators respond to clear, documented, well-organised complaints. The more evidence you have and the more organised your submission is, the faster things tend to move.
Nigerian banking customers have more power than they realise. Your bank counting on your frustration and silence is not a strategy you have to accept.
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