Nigerian banks have received a severe warning from the Federal Competition and Consumer Protection Commission about persistent outages that have affected customers’ access to online banking services.
The commission voiced worries that frequent interruptions make it more difficult for clients to access money, send payments, and finish necessary activities.
“These disruptions have negatively impacted millions and have serious implications for individuals and businesses alike,” stressed FCCPC Executive Vice Chairman and Chief Executive Officer Mr. Tunji Bello in a statement issued on Tuesday.
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Customer’s rights under the law
Customers have rights under the Federal Competition and Consumer Protection Act of 2018 that guarantee equitable and responsible service delivery, including the entitlement to high-quality service, the commission emphasised.
According to Bello, the commission is working with financial institutions and pertinent regulatory bodies to resolve the service interruptions and guarantee that consumer protections are upheld.
“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 promised.
“To address the service disruptions and ensure consumer protections are enforced, the commission is currently working with relevant regulatory authorities and financial institutions,” Bello added.
In order to handle these interruptions and guarantee consumer protection, the FCCPC is actively collaborating with pertinent regulatory bodies, financial institutions, and others. The commission will take all necessary steps to ensure that the FCCPA’s provisions are upheld,” Bello promised.
The FCCPC pointed out that banks may violate these rules if they restrict access to necessary services, which could result in “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”
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Disruptions to online banking services as abuses of consumer rights
According to Bello, disruptions to online banking are increasingly being viewed as abuses of consumer rights as Nigeria’s economy transitions to a cashless system.
The commission further emphasised that during service interruptions, service providers have a duty to communicate clearly and openly.
According to the FCCPC, “regrettably, many consumers are left in the dark,” which exacerbates customer annoyance and feelings of neglect.
According to Bello, the FCCPA’s consumer rights requirements are not met when there is a lack of clear communication.
The FCCPC is examining the situation in response to these persistent problems to ascertain whether consumers’ rights to remedy are being respected.
He urged banks and other financial organisations to act quickly to improve communication, prioritise customer service, and restore services.
“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,” Bello said, assuring impacted customers that their issues were being taken seriously.
Customers having issues with their banks were urged to lay their complaints through the FCCPC’S website or email.
