CBN imposes N430m fines on banks over delays in resolving customers’ complaints
Abuja, July 2026 – The Central Bank of Nigeria (CBN) imposed N430 million fines on some banks for their delay in resolving customers’ complaints in 2025
The apex bank said the fines were imposed on the banks over infractions against customer protection.
The details of the infractions and penalties are contained in the 2025 Annual Report of the apex bank just released.
The CBN said it imposed 21 separate penalties across various financial institutions during the review period.
The N430 million in fines was specifically tied to infractions linked directly to complaints management.
The apex bank said the penalties were imposed not necessarily for technical glitches occurring, but for failure of the banks to address and rectify those issues within the mandated timeframes.
Customer’s complaints against banks mostly border on poor services and delays in resolving issues on electronic funds transaction, particularly issues from Automated Teller Machines (ATMs) and Point of Sale (POS) terminals.
