By Chisaa Okoye (Business Reporter)
Recent Data obtained from the Nigerian Exchange Limited has revealed that United Bank for Africa (UBA), Access Holdings and Fidelity Bank are tops on the list of Nigerian financial institutions that recorded the highest customer complaints between June 2022 and June 2023.
The two other banks are Zenith Bank and Guaranty Trust Holding Company (GTCO).
The Punch had reported that complaints of customers to these five banks rose by 117 per cent to 6,865,217 year-on-year as of June 2023 from 3,156,704 complaints as of the same period in 2022.
According to the report, the total amounts arising from complaints by customers of the banks as of June 2023, was N326.11bn, showing 289 per cent rise when compared with N83.78bn paid in claims in June 2022.
A breakdown of the banks customer complaints showed that complaints from UBA customers hit 1,930,518 in June 2023, a 306.32 per cent increase from the 475,121 in the same period in 2022.
The amount being demanded by customers in the complaints was put at N125.26bn from N4.39bn as of June 2022.
Access Holdings received 3,222,907 complaints from its customers between June 2022 and June 2023, a 132.25 per cent increase from 1,387,702. The amount being disputed also rose to N136.75bn from N57.87bn in 2022.
Also, Fidelity Bank’s customer complaints rose by 77.69 per cent to 1,010,586 in June this year from 568,738 reported in June 2022. The amount being claimed by the bank’s customers stood at N55.20bn, a 268 per cent increment.
Similarly, Zenith Bank Plc, received complaints rose to 247,685 in June 2023 from 220,067 as of June 2022. The amount involved in the complaints was N8.38bn, about 66 per cent increase on the 2022 figure of N5.04bn.
However, GTCO recorded a decline in its received complaints, which dropped from 505,076 in the half year 2022 to 453,575 in the the same review period of 2023. The disputed amount also declined to N517.67m from N1.51billion.
Breakdown of customers’ complaints:
United BankforAfrica – 1,930,518
Access Holdings – 3,222,907
Fidelity Plc – 1,010,586
Zenith Bank Plc- 247,685
GTCO – 453,575
Refunds Demanded
Access Holdings – N136.75bn
Fidelity Bank- N55.20bn
Zenith Bank Plc – N8.38bn
GTCO- N517.67m
Industry sources attributed the surge in customer complaints to poor quality of services by these financial services providers.