Kehinde Fajobi
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to Nigerian banks over the disruptions in online banking services that have affected customers nationwide.
In a statement released on Tuesday, FCCPC Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, expressed deep concern over the service lapses, saying, “These disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”
The FCCPC noted that the disruptions have prevented customers from accessing their funds, making payments, and completing essential transactions, significantly affecting daily life and commerce. Under the Federal Competition and Consumer Protection Act (FCCPA) of 2018, the commission emphasised that consumers have the right to fair and accountable service delivery, including “the right to quality service.”
Bello added that the commission is collaborating with regulatory bodies and financial institutions to resolve the issues.
“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,” he assured.
The FCCPC underscored that such disruptions, particularly in an economy moving towards cashless transactions, can lead to “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”
Bello further highlighted that banks are legally required to communicate effectively during service outages.
He stated, “Regrettably, many consumers are left in the dark,” adding that this lack of transparency fuels frustration and feelings of neglect among customers.
The commission warned that it is reviewing the disruptions to ensure customer rights are respected and redress is available. Bello urged banks to “take swift action to restore services, prioritise customer support, and enhance communication.”
He reassured customers that their concerns are being taken seriously: “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.”
The FCCPC encouraged affected customers to report any issues via its website or email, promising a thorough review of complaints to ensure consumer rights are upheld.