There is pressure in Nigeria’s banking sector and it is triggering a huge number of customer complaints. It is the withdrawal of Naira notes from circulation that must have contributed.Â
Have you had a reason to send a complaint to your bank of late? You are not alone and many Nigerians have suffered same fate.
The number of customer complaints from the banking sector surged by 54% in 2022.
About seven major banks were served with 6.9 million different types of complaints from their respective customers in the year 2022.
This represents a significant increase of 2.42 million complaints compared to 4.48 million the banks received in 2021.
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The banks include Access Bank Holdings Plc, Zenith Bank Plc, Wema Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Guaranty Trust Holding Company, and Jaiz Bank Plc.
The figures were extracted from the bank’s annual financial reports to the Nigerian Exchange.
Analysis revealed that out of the total complaints, 6.76 million were resolved, and 142,636 were carried over to 2023.
A further breakdown showed Access Holdings Plc had the highest number of customer complaints, with 2.82 million, United Bank of Africa Plc, with 1.41 million, and Guaranty Trust Holding Company, with 1.01 million complaints.
Zenith Bank, Wema Bank Plc and Union Bank also received 475,499, 404,179 and 673,709 complaints, respectively.
Jaiz Bank Plc, Nigeria’s biggest non-interest bank had 118,429 complaints.
Regarding refunds demanded, United Bank for Africa Plc received the highest with ₦86.34 billion, followed by Access Holdings Plc – ₦76.37 billion and Union Bank of Nigeria Plc, with ₦30.47 billion refund request from customers.
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Guaranty Trust Holding Company had ₦2.16 billion in refund demands, while Zenith Bank Plc and Wema Bank Plc had ₦17.58 billion and ₦1.47 billion in refund demands, respectively.
While Jaiz Bank Plc had the lowest refund demand, with ₦863.09 million.
It is worth noting that most of the refund demands were met.
