Nigerian banks contribute significantly to the country’s financial stability and economic prosperity. They form the foundation of trade and industry, facilitating transactions and offering financial services to millions of customers. However, despite their importance, Nigerian banks have faced issues, notably in terms of customer service.
In 2023, the number of consumer complaints in the banking sector increased significantly by 63.54%, from 6.12 million in 2022 to more than 10 million. Most of these complaints were about dispensing problems, uncredited NIPs, and incorrect transfers. This article lists the top five Nigerian banks that received the most consumer complaints in 2023.
1. Access Bank
Access Bank, Nigeria’s largest financial institution, has seen a significant spike in consumer complaints. In 2023, complaints increased by 81.26% to 5,120,653, from 2,824,979 in 2022. The bank proactively addressed these concerns and refunded ₦2.07 billion for resolved instances. Complaints were not restricted to naira transactions; 28,801 were in dollars, 328 in British pounds sterling, and 335 in euros.
2. United Bank for Africa
UBA’s customer complaints more than doubled in 2023, to 2,962,339, compared to 1,408,062 in 2022. The bank raised over 80 complaints to the Central Bank of Nigeria for intervention. Although no reimbursements were issued for foreign currency transactions, the bank reimbursed ₦450 million for complaints.
3. Wema Bank
Wema Bank’s customer complaints rose by 54.03% from 401,179 in 2022 to 617,941 in 2023. In 2022, the bank had 13,642 unresolved complaints. By 2023, it had addressed 621,609 complaints and reimbursed ₦11.26 billion.
4. Zenith Bank
Zenith Bank’s customer complaints decreased by around 25.29%, from 475,499 in 2022 to 355,210 in 2023. Despite the drop, the bank reimbursed ₦15.486 billion over this period.
5. Guarantee Trust Holding Company (GTCO)
GTCO also had a decline in complaints, with 946,169 in 2023, compared to 1,006,380 in 2022. By year-end, the bank had handled 953,548 complaints and reimbursed ₦277.45 million. GTCO also submitted claims of $202,617 in dollars, £7,128 in pounds sterling, and €10.01 million in euros.
