Cabo Verde financial sector complaints rise in 2025

Complaints within the financial sector in Cabo Verde rose in 2025, totaling 278 cases according to the Banco de Cabo Verde (BCV) Behavioral Supervision Report. The banking sector accounted for 245 complaints (88% of the total), representing an 11.87% increase from 2024, while the insurance sector saw 33 complaints, a 26.9% increase.

A significant driver of this rise was banking fraud, which surged by 150%, increasing from 10 cases in 2024 to 25 in 2025. Identified fraudulent activities include unauthorized ATM withdrawals, unauthorized online payments, phishing, and fraud committed by bank employees. Digital service complaints also grew, with consumer credit complaints rising by 90.9% and internet banking complaints increasing by 60%.

Regarding specific institutions, BCA recorded 49% of banking complaints, followed by BI with 19% and CECV with 16%. Geographically, the island of Santiago accounted for 71.4% of all processes. In response to these trends, the BCV implemented 25 supervisory measures in 2025 to address non-compliance and reinforce conduct duties among financial institutions.