by George Ozalla
The Central Bank of Nigeria and the Nigerian Communications Commission are set to introduce a unified short code to streamline the process through which bank customers lodge complaints with financial institutions nationwide.
The initiative is designed to provide a simple and efficient channel for customers to report banking issues, irrespective of their access to smartphones or internet connectivity, thereby expanding consumer protection across 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 explained that the proposed short code would enable customers to communicate complaints directly to their banks and other financial institutions at any time, even without internet access.
She noted that the increasing overlap between the telecommunications and banking sectors has often created confusion among consumers about where to channel complaints, particularly those related to USSD transactions. The joint initiative with the NCC is expected to address this gap by providing a single, easily accessible platform, especially for vulnerable customers who rely on basic feature phones.
The regulators said the short code would also reduce the need for customers to physically visit bank branches to resolve issues, while strengthening existing complaint resolution mechanisms within the financial system. Details of the operational framework are currently being finalised.
According to the CBN and NCC, the initiative forms part of broader efforts to enhance consumer protection and promote financial inclusion. Public awareness campaigns and timelines for the rollout of the universal short code are expected to be announced in due course.
The Central Bank of Nigeria regulates the banking and financial services sector, while the Nigerian Communications Commission oversees telecommunications operations, including the management of short codes used for financial and consumer services.
