The Federal Competition and Consumer Protection Commission (FCCPC) says fintech services are ranking among Nigeria’s biggest consumer protection challenges, with 1,442 complaints lodged between March and August 2025.
The latest consumer data released on Thursday shows that banking, fast-moving consumer goods (FMCG), fintech, and electricity are topping the list of grievances across 30 sectors of the economy.
Banking accounted for the highest volume of complaints at 3,173, followed by FMCG (1,543), fintech (1,442), and electricity (458). Other top-ranking sectors include e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
“These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in essential services,” Mr. Tunji Bello, Executive Vice Chairman/Chief Executive Officer of the FCCPC, says. “However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
According to the FCCPC, it resolved 9,091 complaints during the five-month review period, enabling consumer recoveries exceeding ₦10 billion. The cases cut across unfair charges, unauthorised deductions, deceptive marketing, product defects, poor disclosure of terms, and delayed redress.
“These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in essential services,” Mr. Tunji Bello, Executive Vice Chairman/Chief Executive Officer of the FCCPC, says. “However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The Commission’s analysis indicates that banking and fintech complaints not only occur more frequently but also carry the heaviest financial toll. Loan deductions, account charges, and transaction disputes dominate the list, underscoring consumer vulnerability in sectors where services are both essential and high value.
The FCCPC says these trends highlight the need for stronger collaboration with the Central Bank of Nigeria (CBN) to address systemic risks.
Electricity complaints, which totalled 458, remain driven by billing disputes and service failures. The regulator says improved coordination with the Nigerian Electricity Regulatory Commission (NERC), state regulators, and distribution companies (DisCos) is required to stem recurring lapses.
E-commerce disputes, though often low in monetary value, are becoming increasingly common. Failed deliveries, refund delays, and counterfeit products are emerging pain points for Nigerian consumers in the fast-growing digital marketplace.
The FCCPC also attributes the rise in complaints about digital lending, investment schemes, and microfinance to its recent rollout of new regulations designed to curb predatory lending practices.
In line with its mandate under Sections 17(a) and 17(j) of the FCCPA 2018, the FCCPC says it will intensify monitoring, enforcement, and inter-agency collaboration, particularly in financial and utility services where consumer exploitation remains rife.
The Commission is urging businesses to strengthen their internal complaints-handling systems and is calling on Nigerians to continue reporting violations through its portal at complaints.fccpc.gov.ng or via its zonal and state offices nationwide.
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