The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are set to introduce a unified short code aimed at simplifying how bank customers lodge complaints with financial institutions across the country.
The initiative is designed to provide a straightforward and efficient channel for customers to report banking-related issues, regardless of smartphone ownership or internet access, thereby strengthening consumer protection within the financial system.
The Director of the Consumer Protection and Financial Inclusion Department at the Central Bank of Nigeria, Dr Aisha Isa-Olatinwo, disclosed the plan during a virtual Consumer Protection Town Hall meeting themed Ask the Regulator. She said the proposed short code would allow customers to submit complaints directly to their banks and other financial institutions at any time, even without internet connectivity.
According to her, the growing convergence between the telecommunications and banking sectors has often left customers uncertain about where to direct complaints, especially those arising from USSD transactions. The collaboration with the Nigerian Communications Commission is expected to address this challenge by providing a single, easily accessible platform, particularly for vulnerable users who depend on basic feature phones.
The regulators noted that the unified short code would also reduce the need for customers to visit bank branches physically to resolve issues, while reinforcing existing complaint resolution frameworks in the financial sector. They added that details of the operational structure are currently being finalised.
The CBN and NCC said the initiative aligns with broader efforts to enhance consumer protection and deepen financial inclusion. Timelines for the rollout of the universal short code, along with public awareness campaigns, are expected to be announced in due course.
The CBN regulates Nigeria’s banking and financial services sector, while the NCC oversees telecommunications operations, including the administration of short codes used for financial and consumer services.