UBA, Access, Fidelity Leads In Bank Customer Complaints Records
Yinka Olajoyetan, Lagos
United Bank for Africa (UBA), Access Bank and Fidelity Bank have topped the list of commercial banks that received the most complaints of customers between June 2022 to June 2023, kadecommunicationng can reliably confirm.
Financial claims arising from the various complaints in the review period stood at N326.11bn, up by 289 per cent compared with N83.78bn paid in claims in June 2022.
The reviewed Lenders’ reports obtained from the Nigerian Exchange Limited include United Bank for Africa, Fidelity Bank, Access Holdings and Guaranty Trust Holding Company (GTCO).
Customers’ complaints to UBA rose to 1,930,518 as of June 2023, from 475,121 in the same period in 2022. This marked a 306.32 per cent increase and the highest among the reviewed banks.
The amount involved in the complaints was N125.26bn from N4.39bn as of June 2022.
Access Holdings followed as it witnessed a 132.25 per cent jump in complaints between June 2022 and June 2023. Received complaints rose to 3,222,907 from 1,387,702 with the amount being disputed rising to N136.75bn from N57.87bn.
Fidelity Bank came third on the list after seeing complaints rise by 77.69 per cent to 1,010,586 from 568,738 with the amount being claimed standing at N55.20bn, a 268 per cent increment.
Of the reviewed financial institutions, only GTCO saw a decline in its received complaints, which went from 505,076 in H1 2022 to 453,575 in H1 2023, signaling about 10 per cent improvement. The disputed amount also dropped to N517.67m from N1.51bn.
During the period under review, the banking sector had to deal with the fall out of the Naira Redesign policy of the Central Bank of Nigeria which led to an increase in the volume of electronic transactions on the back of a cash crunch.
The Nigeria Inter-bank Settlement System in its e-payment data report released in April revealed that the value of electronic payment transactions rose year-on-year by 298 per cent to N135.52tn in the first quarter of the year from N34.04tn in Q1’22.
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