CBN and NCC to Launch Short Code for Bank Complaints in Nigeria

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are set to launch a short code system to enable Nigerians to register bank complaints without internet access. This initiative, led by Dr.

Aisha Isa Olatinwo of CBN, aims to address the challenges faced by consumers in lodging complaints, especially in the overlapping sectors of telecom and banking. The short code is expected to benefit vulnerable users with limited internet access.

Recent surveys by EFInA revealed consumer experiences with transaction failures, fraud, hidden charges, and poor customer service. Stakeholders, including consumer advocate Sola Salako Ajulo, emphasized the need for fraud insurance to protect customers.

Laolu Adewale advised banks to be vigilant against fraud.