The Federal Competition and Consumer Protection Commission (FCCPC) has voiced serious concerns over the persistent disruptions to online banking services across Nigeria, stating that these interruptions could contravene consumer rights under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
Millions of customers have been impacted by the disruption in recent weeks, as customers faced challenges in accessing funds, making payments, and conducting essential transactions.
In a Tuesday statement, the Executive Vice Chairman/ Chief Executive Officer, Tunji Bello, stated that under the FCCPA, Nigerian consumers have a right to quality service, mandating that providers, including banks, uphold an acceptable standard of functionality and reliability.
The commission argued that persistent service disruptions in the banking sector jeopardise these rights, placing undue strain on customers and potentially damaging the wider economy.
The FCCPC said insufficient communication from banks has exacerbated customer frustration, leaving many feeling abandoned.
The FCCPA provides avenues for redress and is currently reviewing whether these disruptions meet the statutory standards for quality and accountability. If the current service levels fail to improve, the commission said it is prepared to explore further actions to ensure compliance and consumer protection.
The commission said it is committed to safeguarding the rights of Nigerian consumers and will not hesitate to enforce the mandates of the FCCPA 2018 to ensure accountability in service delivery.
The FCCPC said it is collaborating with regulatory bodies, financial institutions, and stakeholders to mitigate the disruption and protect consumers’ interests.
PREMIUM TIMES reported how customers of Zenith Bank and Guaranty Trust Bank (GTBank) have endured ongoing service disruptions making smooth financial transactions almost impossible.
ALSO READ: Frustrations mount for GTBank, Zenith customers amid ongoing banking service disruptions
The problem is attributed to ongoing core banking migrations, a form of system upgrade.
Both banks initially claimed the upgrades were meant to enhance user experience, but the reality has been one of failed transactions, frozen accounts, disappearing balances, amongst others.
Read the full article here
