CBN, NCC to launch Universal Short Code for Banking Complaints, Boosting Access for Offline Users »

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are joining forces to develop a universal short code.

This initiative will allow customers to contact their banks easily at any time, whether they have internet access or not.

Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the CBN, announced the plan. She highlighted the need to help vulnerable consumers, particularly those without internet or smartphones who currently must visit banks in person to resolve issues.

The CBN has also enhanced its complaint processes and partnerships with banks to act as industry protectors, with a focus on safeguarding the financial system’s stability. Dr. Isa-Olatinwo noted that the bank now resolves 94% of consumer issues within the month they are reported.

Poll Reveals Key Consumer Challenges

A recent poll by Enhancing Financial Inclusion and Advancement(EFInA) provided insights into customer experiences:

· Failed Transactions: 61% of respondents experienced these in the past year.

· Complaint Awareness: 66% know how to lodge and escalate complaints.

· Reversal Timelines: 26% saw reversals within 24 hours, while 54% waited 24-48 hours.

· Other Issues: 6% experienced fraud, 14% reported hidden charges, and 15% cited poor customer service.

Consumer advocates used the forum to call for improved protections. Mrs. Sola Salako-Ajulo, President of the Consumer Advocacy Foundation of Nigeria (CAFON), noted that customers often feel regulators side with service providers.

She advocated for the introduction of fraud insurance, which would allow for immediate refunds in disputed cases, shifting the initial burden of proof away from the consumer.

Regarding failed transactions, industry representatives clarified proper procedure. Mr. Adeyemi Salisu, representing the Committee of e-Business Industry Heads (CeBIH), stressed that customers should never be directed back to a merchant. Instead, the acquiring and issuing banks are responsible for resolving the dispute directly to ensure customer satisfaction.