Access, Wema And 5 Other Banks Receive 6.9m Customer Complaints Demanding N214.32bn Refund

Access, Zenith, Wema And 4 Other Banks Receive 6.9m Customer Complaints Demanding N214.32bn Refund

Seven of the top Nigerian banks have reported receiving a massive 6.9 million customer complaints from January 1 to December 31, 2022.

This represents a significant increase of 54% or 2.42 million complaints compared to 4.48 million the banks received in 2021.

The banks include Access Bank Holdings Plc, Zenith Bank Plc, Wema Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Guaranty Trust Holding Company, and Jaiz Bank Plc.

The figures were extracted from the bank’s annual financial reports to the Nigerian Exchange.

Analysis revealed that out of the total complaints, 6.76 million were resolved, and 142,636 were carried over to 2023.

A further breakdown showed Access Holdings Plc had the highest number of customer complaints with 2.82 million, United Bank of Africa Plc, with 1.41 million, and Guaranty Trust Holding Company, with 1.01 million complaints.

Zenith Bank, Wema Bank Plc and Union Bank also received 475,499, 404,179 and 673,709 complaints, respectively.

Jaiz Bank Plc, Nigeria’s biggest non-interest bank had 118,429 complaints.

Regarding refunds demanded, United Bank for Africa Plc received the highest with N86.34 billion, followed by Access Holdings Plc – N76.37 billion, and Union Bank of Nigeria Plc with N30.47 billion refund request from customers.

Guaranty Trust Holding Company had N2.16 billion in refund demands, while Zenith Bank Plc and Wema Bank Plc had N17.58 billion and N1.47 billion in refund demands, respectively.

While Jaiz Bank Plc had the lowest refund demand, with N863.09 million.

It is worth noting that most of the refund demands were met.