Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that it received over 3,000 banking-related complaints between March and August 2025, leading to the recovery of about N10 billion for consumers across 30 sectors.

The Commission made this known while commending the Central Bank of Nigeria’s (CBN) proposed policy mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. It described the move as “a major victory for bank customers and a turning point in consumer protection.”

According to the FCCPC, its Consumer Complaints Data Report for March–August 2025 showed that the banking and fintech sectors accounted for the highest volume of complaints nationwide.

Most issues involved failed transactions, unauthorized deductions, and delayed refunds concerns the new CBN guidelines directly aim to address.

Mr. Tunji Bello, executive vice chairman and chief executive officer, FCCPC, hailed the CBN’s initiative as “a timely and long-awaited correction to a persistent consumer challenge.”

“It aligns perfectly with what the FCCPC has been advocating, given the volume of failed transaction complaints we handle” he said.

“We commend the CBN for this decisive action, which will ease the burden on consumers and rebuild trust in financial services,” Bello stated. He added that the move underscores the growing collaboration between the FCCPC and the CBN in safeguarding consumer rights and improving service delivery in Nigeria’s financial sector.

The FCCPC noted that the proposed directive aligns with key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 particularly Sections 17(g), (h), (l), (s), and (t) which seek to eliminate unfair practices and promote fair dealings across all sectors.

The Commission emphasized that prompt implementation of the CBN’s 48-hour refund policy would bring immediate relief to millions of Nigerians who often face delays in transaction reversals, while also strengthening accountability and public confidence in digital and cashless financial systems.

To ensure effective enforcement, the FCCPC said it would work closely with the CBN to establish joint monitoring mechanisms that will track compliance and ensure erring banks are held accountable.

“Stronger collaboration among regulators is vital for faster complaint resolution, prevention of recurrence, and the promotion of confidence in Nigeria’s expanding digital economy,” the Commission stated.

House of Representatives Ad-hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations has described the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) as excessive and counterproductive.

The committee, chaired by Hon. Olufemi Richard Bamisile, made the observation during a technical session with regulatory and security agencies at the National Assembly Complex in Abuja.

Bamisile warned that while effective regulation of the cryptocurrency sector is necessary, the high capital threshold could stifle innovation, discourage legitimate investment, and exclude emerging entrepreneurs, particularly young Nigerians who hold the potential to drive economic growth and digital transformation.

The SEC had earlier fixed the capital base for crypto operators at N500 million, but later proposed an upward review to N1 billion.

The commission explained that the measure was designed to ensure financial stability among operators and protect users’ funds.

It also mandated firms to secure a fidelity bond as insurance against internal fraud or losses.

However, stakeholders have criticised the proposal, arguing that it would favour only big firms and foreign investors, while marginalising local startups.

They warned that such a policy could push indigenous crypto businesses underground or into informal operations.

Currently, the N500 million benchmark remains in force as consultations on the proposed N1 billion threshold continue.

Bamisile, however, urged the SEC to review the capital requirement to make it more inclusive and reflective of the realities of Nigeria’s evolving digital economy.

At the session, the Economic and Financial Crimes Commission (EFCC) disclosed that all virtual and digital assets seized from criminal activities are currently held in its custody.

The anti-graft agency said it maintains dedicated digital wallets across its zonal offices for safekeeping.

In response, the committee directed the EFCC to provide comprehensive records of all confiscated digital assets to support its ongoing legislative review and policy recommendations.

Bamisile reaffirmed the committee’s commitment to establishing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.

The committee, however, expressed concern over the failure of several key institutions including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation.

Bamisile urged the agencies to take seriously the economic and security implications of the rapidly evolving digital finance sector.

European Union’s development cooperation with Nigeria has received a boost with a N320.5 billion (€190 million) credit line allocated to Nigerian commercial banks to broaden their lending to the agricultural sector.

The facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.

A statement issued on Monday by Bolaji Adeniyi, special adviser media to Minister of Budget and Economic Planning ,confirmed the development.

Speaking at the session, Thourayya Tricki, director for International Partnerships, EIB, said the initiative underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.

“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy. The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products,” Tricki said.

Tricki, who was accompanied by Diedrick Zambon, head of Sub-Saharan Africa Relations, EIB, explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.

The goal, she said, is to “de-risk agricultural lending and build institutional capacity for long-term financing in the sector.”

Nigeria already benefits from several EU-supported programmes, including an €18 million technical assistance grant to strengthen the local regulatory framework for vaccine production and a €50 million credit facility to deepen access to finance in the pharmaceutical industry.

Representing Nigeria,  Bolaji Onalaja, special assistant to the Minister of Budget and Economic Planning, and Benjamin Galadima, Unit Focal Officer, EU, reaffirmed the country’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.

“Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, which will ensure that growth reaches communities at the grassroots,” Onalaja said.

The Nigerian delegation also held meetings with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, where they discussed opportunities for collaboration in green infrastructure, renewable energy, and industrial development.

On behalf of the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, who was on an official assignment in Vienna, Austria, the delegation expressed appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.

The Global Gateway Forum, the EU’s flagship investment platform, brings together governments, private investors, and development finance institutions to mobilise resources for sustainable projects that promote digital transformation, green transition, and human capital development.

In her keynote address, Ursula von der Leyen, president of the European Commission, reiterated the EU’s resolve to build “mutually beneficial partnerships based on trust and shared prosperity.”

“We are expanding the Global Gateway Investment Package to €400bn and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa,” von der Leyen announced.

The new EU–Nigeria financing deal is expected to strengthen bilateral cooperation under the Global Gateway Strategy and support Nigeria’s efforts to modernise its agricultural sector, improve food security, and enhance export competitiveness.