The Central Bank of Nigeria (CBN) has confirmed plans to roll out a single, industry-wide short code in partnership with the Nigerian Communications Commission (NCC), enabling bank customers to lodge complaints instantly — even from basic feature phones without internet access.

Announced Wednesday by Dr. Aisha Isa-Olatinwo, CBN’s Director of Consumer Protection and Financial Inclusion, the initiative is designed to eliminate the burden on vulnerable consumers who currently travel long distances to branches when transactions fail. “Vulnerable consumers who have no internet and still use feature phones are forced to travel long distances to branches when something goes wrong. That ends now,” she said during EFInA’s virtual Ask the Regulator town hall.

Key highlights from the session:

• Short code will work across all networks, at free or minimal cost.
• CBN currently achieves 94% month-on-month timely resolution of complaints.
• EFInA poll: 61% of Nigerians experienced failed transactions in the past year.
• Only 26% got reversals within 24 hours; 54% waited 24–48 hours.
• 6% reported fraud, 14% hidden charges, 15% poor service.

Consumer advocate Sola Salako-Ajulo (CAFON) urged banks to provide fraud insurance, arguing the burden of proof must shift from victims to institutions. Similarly, Adeyemi Salisu of CeBIH stressed that customers should never be sent back to merchants for POS disputes, insisting acquiring and issuing banks must resolve such issues internally.

Expected to launch in 2026, the short code is seen as a potential game-changer for Nigeria’s 60+ million unbanked and under-banked citizens, bridging digital divides and strengthening trust in the financial system.