The Central Bank of Nigeria (CBN) says it refunded ₦19.12 billion and $329.3 million to customers of financial institutions in 2025 after successfully resolving thousands of consumer complaints.
The apex bank also disclosed that it flagged 13,117 Bank Verification Numbers (BVNs) linked to fraudulent activities, reflecting a significant increase in financial crime monitoring across the banking sector.
According to the CBN’s 2025 Annual Report, the number of fraud-linked BVNs on its watchlist rose by 38.4 percent, increasing from 9,476 in 2024 to 13,117 in 2025.
The report showed that customer refunds more than doubled in naira terms, rising from ₦9.66 billion in 2024 to ₦19.12 billion in 2025, while refunds in foreign currency jumped from $670,000 to $329.3 million.
During the year under review, the CBN received 23,129 consumer complaints, representing a 10.53 percent increase compared to 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and improved confidence in its consumer complaint resolution system.
Out of the total complaints received, the CBN successfully resolved 18,824 cases, up from 17,213 cases in the previous year.
The report also revealed a sharp increase in the value of customer claims, with claims in naira rising to ₦40.61 billion from ₦17.13 billion, while foreign currency claims surged to $344.2 million from $1.06 million.
The banking sector also recorded steady growth in customer enrollment. According to the report, BVN registrations increased to 67.82 million, while the number of bank accounts linked to BVNs rose to 368.92 million. Active bank accounts also increased from 311.60 million to 339.26 million.
The CBN further disclosed that the number of BVNs classified as belonging to deceased persons on its watchlist increased to 28,754, up from 21,118 in 2024.
Despite the rise in fraud-linked BVNs, the report noted that losses from digital payment fraud dropped significantly from ₦52.26 billion in 2024 to ₦25.85 billion in 2025.
The apex bank attributed the decline to stronger fraud monitoring systems, tighter security measures and the integration of the Bank Verification Number (BVN) with the National Identity Number (NIN).
However, the CBN warned that payment service providers with weak fraud detection systems remain vulnerable to cyberattacks, including ransomware, data breaches and identity theft.
The regulator also cautioned Nigerians against using unlicensed payment service providers, warning that they operate outside regulatory oversight and could expose consumers to fraud and money laundering risks.
As part of its enforcement efforts, the CBN imposed 11 penalties worth ₦1.26 billion on financial institutions for regulatory violations and failure to respond to official queries.
The bank also issued 21 additional penalties totaling ₦430 million against institutions for delays in resolving customer complaints and failure to comply with regulatory directives.
Meanwhile, lending activity through the National Collateral Registry (NCR) recorded strong growth, with the value of naira-denominated credit rising to ₦2.38 trillion in 2025, while financing secured in US dollars increased to $401.43 million.
The number of financing statements registered on the National Collateral Registry also rose by 12.4 percent, reaching 85,473, while the number of active financial institutions on the platform increased from 74 to 97.
Source: Central Bank of Nigeria (CBN) 2025 Annual Report.
