New data has revealed the list of Nigerian banks with the most customer complaints in one year Access and United Bank of Africa Banks are at the top of the list, which includes six other banks.
The surge in customer complaints in banks is linked to the rise in electronic transactions.
Seven of Nigeria’s top commercial banks have reported receiving 6.9 million customer complaints in a year, from January 1 to December 31, 2022.
The 2022 complaint figures represent a 54 percent increase or 2.42 million complaints more than the 4.48 million customer complaints received by the surveyed banks in 2021.
These figures were captured in the banks’ annual financial reports, which were submitted to the Nigerian Exchange. Seven banks received over 6 million customers complaints.
The seven banks surveyed are 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.
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Breakdown of Nigerian banks customer complaints analysis of the banks’ reports shows that out of the total complaints, 6.76 million were resolved, while 142,636 were carried over to 2023.
A further breakdown reveals that Access Holdings Plc had the highest number of customer complaints with 2,824,735, followed by United Bank for Africa Plc with 1,408,062, and Guaranty Trust Holding Company with 1,006,380 complaints.
Breakdown of customers’ complaints by banks Access Bank Holdings Plc received 2.82 million Zenith Bank Plc- 475,499 Wema Bank Plc – 404,179 Union Bank of Nigeria Plc – 673,709 United Bank for Africa Plc – 1,408,062 Guaranty Trust Holding Company – 1 million Jaiz Bank Plc – 118,429 Refund Demanded by banks Zenith Bank Plc – N17.58bn Wema Bank Plc – N1.47bn Union Bank of Nigeria Plc – N30.47bn United Bank for Africa Plc – N86.34bn Guaranty Trust Holding Company – N2.16bn Jaiz – N863.09m.
It is important to note that most of the demands were met.
In another report, the Nigerian banks with the highest market capitalisation for the first quarter of 2023 have been unveiled.
Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year. However, First Bank experienced a decrease in its market value during the same period.