The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over the recent continuous disruptions in online banking services across Nigeria.
The Executive Vice Chairman of FCCPC, Mr. Tunji Bello said the disruptions have negatively impacted millions while hindering customers’ access to funds and carrying out essential transactions.
Nigerian bank customers are already experiencing service disruptions as financial institutions carry out system upgrades to improve operational efficiency and enhance customer experience.
These disruptions will continue in the coming weeks and months as banks invest in IT infrastructure to support the growing number of Nigerians using electronic transactions, requiring an expansion in capacity to handle the surge.
Although, system upgrades are necessary for a seamless electronic banking process, Bello stated that the disruptions undermine bank customers’ rights to fair and accountable service delivery, as guaranteed by the Federal Competition and Consumer Protection Act (FCCPA) 2018.
He said, “At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity.
“When banks cannot maintain access to essential financial services, they are arguably failing to meet this standard, potentially leading to significant financial hardship, loss of trust in the banking system, and damage to the overall economy.
“The FCCPA further grants consumers the right to reasonable access to goods and services—a principle that is compromised when technical failures impede customers’ access to their funds.
“A key provision is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability.
“Interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but they may also be a violation of this right”.
To address electronic lapses, the commission directed service providers to operate transparently.
It emphasized that customers should be informed and made aware of service disruptions, with details on the expected duration of any service issues provided when possible.
The commission further urged bank customers to seek redress for services that do not meet the necessary standards
“Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.
“Bank customers can seek redress if they are adversely affected by substandard services.
“The FCCPC is currently reviewing the situation to determine if consumers’ rights to redress are being upheld and if more action is needed to enforce accountability” the commission said on Tuesday in a release sent to NewsNGR.