Nigerian Bank Customers' Complaints Surge Over Electronic Transactions and Fraud, CBN Reports
The Central Bank of Nigeria (CBN) reports a significant increase in complaints from bank customers, reaching 9,771 cases in the first half of 2025, a 143.3% rise from the previous year. The complaints mainly revolve around electronic transactions, card services, and fraud, totaling N21.42 billion in claims.
The CBN attributes the surge to increased consumer awareness, regulatory focus, and public confidence in the banking sector. Notably, 53.45% of complaints were against commercial merchant non-interest banks, while fraud-related cases accounted for 39.27%.
Wema Bank recently identified a malware called Brokewel used by fraudsters to hack accounts, emphasizing the need for customer vigilance against cyber threats.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigerian Financial Ecosystem Faces Consumer Protection Challenges Amid Rising Fraud Cases
CBN Raises Alarm Over Banking Fraud Trends Amid Digital Payment Surge
Nigerian Banks Face Backlash Over New Electronic Transaction Deductions
CBN Urges Banks to Combat Fraud with 30-Minute Response Rule
Nigerian Banks Warn Customers of Holiday Scams; Legal Action Taken in N10 Billion Cyberattack
CBN Reports 120% Rise in Instant Payment Transactions to N11 Billion by 2024
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
