3 weeks ago
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The Federal Competition and Consumer Protection Commission has issued a stern warning to banks in Nigeria regarding ongoing disruptions to online banking services that have impacted consumers.
The commission expressed concerns that these disruptions hinder customers from accessing funds, making payments, and completing essential transactions.
In a statement released on Tuesday, FCCPC Executive Vice Chairman and Chief Executive Officer Mr Tunji Bello emphasised that “these disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”
The commission highlighted that under the Federal Competition and Consumer Protection Act of 2018, customers have rights that ensure fair and accountable service delivery, including the right to quality service.
Bello added that the commission is currently collaborating with relevant regulatory authorities and financial institutions to address the service disruptions and ensure consumer protections are enforced.
“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers. The commission will pursue all necessary actions to uphold the protections of the FCCPA,” Bello assured.
The FCCPC noted that when banks fail to maintain access to essential services, they may breach these standards, potentially leading to “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”
Bello stated that as Nigeria’s economy shifts towards a cashless system, interruptions to online banking are becoming more than mere inconveniences; they are perceived as violations of consumer rights.
The commission further stressed that service providers are obligated to be transparent and communicate effectively during service disruptions.
“Regrettably, many consumers are left in the dark,” the FCCPC stated, which increases frustration and feelings of neglect among customers.
Bello noted that the lack of clear communication constitutes a failure to meet the FCCPA’s standards for consumer rights.
In response to these ongoing issues, the FCCPC is reviewing the situation to determine if customers’ rights to redress are being upheld.
“We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication,” he said.
Bello assured affected customers that their concerns were being taken seriously, stating, “We are committed to safeguarding the rights of Nigerian consumers and ensuring that every service provider adheres to the statutory mandates provided in the FCCPA 2018.”
Customers experiencing issues are encouraged to report their complaints through the FCCPC’s website or email.
