FCCPC has released data on consumer complaints, identifying key sectors that contribute to public dissatisfaction in Nigeria.
Consumer Complaint Statistics
FCCPC identified the banking and fintech sectors as the primary sources of consumer complaints in Nigeria. Between March and August 2025, 3,173 complaints were recorded against banks, 1,442 against fintech, and 1,543 against fast-moving consumer goods. A total of 9,091 complaints were resolved, recovering over ₦10 billion for consumers.
New Lending Regulations
FCCPC has enacted new regulations aimed at combating abuses in the digital lending sector, including data privacy violations and unlawful practices among lenders. The regulations are designed to enhance consumer protection and ensure compliance with consumer protection laws.
Importance of Inter-Agency Collaboration
FCCPC emphasizes the need for closer collaboration with the Central Bank of Nigeria to harmonize consumer protection measures effectively. This is particularly crucial for banking and fintech services, which have seen a high volume of complaints regarding financial services.
FCCPC's findings highlight the necessity for active oversight and adherence to norms aimed at protecting consumers in Nigeria's financial sector.
