FCCPC recovered the N10BN from the Bank, Fintechs, others in six months

Federal competition and the Consumer Protection Commission (FCCPC) have recovered more than N10BN from banks, financial technology companies (fintechs), and others for customers who are harmed in six months.

Recovery follows complaints from customers for service failure, unauthorized reduction, product defects, and deceptive marketing practices.

The commission revealed this in an updated data released on Thursday.

FCCPC said the recovery came from more than 9,000 complaints received in 30 sectors between March and August.

This notes that banking companies, fast -moving consumer companies (FMCG), and Financial Technology Technology (Fintech) are peak of the list.

According to FCCPC, the banking sector contributed 3,173 complaints, followed by FMCG (1,543), Fintech (1,442), and electricity (458).

Other prominent sectors are e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), flight (243), information technology (131), and road transportation and logistics (114).

Watchdog notes that banking and fintech complaints are dominated by financial impacts, underline repeated disputes over loan reduction, account fees, and failed transactions.

FCCPC said the trend refers to consumer vulnerability in high -value services and urgent needs for stronger coordination with the Central Bank of Nigeria (CBN).

Electricity, which is ranked fourth, is associated with persistent collection disputes and service failures, highlighting the need for collaboration that is closer to the Nigerian Electricity Regulatory Commission (NERC), State Regulator, and Distribution Company (Discos).

Also read: FCCPC Calls Air Peace over failure to return passengers, the compliance alignment airline

While e-commerce disputes have a lower value but a higher frequency, FCCPC said they revealed “Extensive exposure to retail levels,” especially around shipping, refund, and fake goods.

The commission also marks the increasing number of complaints about digital loans, investment schemes, and micro financial services, adding that it coincides with the launch of a tighter regulation for the digital loan sector.

Going forward, FCCPC promises to intensify monitoring and enforcement, with a focus on financial services and utility in which recurring exploitation patterns remain the most obvious.

Speaking in the notes, the Deputy Chair of the FCCPC Executive, Tunji Bello, said the data was “not only statistics, but told the story of consumer frustration and daily challenges faced by Nigerians in important services.”

Bello added that the commission was determined to request business accountability, ensure compliance with law, and protect consumer welfare.

Babajide Okeowo