A survey by the African Consumer Organization reveals mixed satisfaction with financial services across Africa. The study, conducted in 23 countries with over 10,000 respondents, highlights key challenges facing consumers. About 28.2% of users say they are dissatisfied with how loans are granted and recovered. Another 31.8% remain neutral, showing a general lack of trust in the system. More than half of respondents complain about unclear interest rates and poor information on repayment terms.
A large majority, 71%, believe lending rates are not competitive, while 58% find recovery methods too strict. Despite these issues, many users report better customer service experiences in financial institutions. The organization is calling for reforms focused on transparency, regulation, and financial education to improve trust and access.