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.