The Protection of Consumers of Banking Services in Nigeria’s Cash-Less Economy- A Comparative Analysis with China and U.S.

E-banking technology created a revolution by extending banking hours beyond office hours and national boundaries. Digital innovation has enabled broader financial inclusion but has also introduced complex regulatory and security challenges, exposing consumers of electronic banking services to challenges not limited to fraud, security breaches, and difficulties in determining liability for unauthorised transactions. While the drawbacks may or may not outweigh the benefits, consumers’ complaints, grievances, and dissatisfaction caused by improper service delivery and inadequate review mechanisms are characteristic of the Nigerian e-banking sector. Furthermore, it has been observed that the absence of a law specifically addressing card-related crimes in Nigeria may provide thieves with a loophole to operate freely. The article delves into the regulatory framework governing consumer protection in the Nigerian banking sector, assessing the effectiveness of existing laws and regulations in safeguarding consumer interests in the context of cash-less transactions. The comparative analysis of Nigeria’s consumer protection legal framework with those of other jurisdictions has identified existing gaps and provided recommendations for policy improvements. The recommendations of this research include but are not limited to, the need for financial institution to implement adequate risk control measures to manage such risks. Additionally, it recommends that a robust consumer protection framework tailored to the realities of a cash-less society is essential for fostering trust in banking services, ultimately aiding the successful adoption and sustainability of the cash-less policy in Nigeria.