The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to Nigerian banks, urging them to address the ongoing issues with online banking service disruptions that have left millions of customers unable to access their funds or complete essential transactions.
The FCCPC stated that such disruptions have far-reaching consequences on individuals, businesses, and the economy at large.
In accordance with the Federal Competition and Consumer Protection Act (FCCPA) 2018, the FCCPC outlined that bank customers are entitled to quality service, and any interruptions in accessing essential financial services can be deemed as a failure to meet this standard.
“A key provision is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability,” the FCCPC stated.
The Commission noted that, in today’s increasingly cashless Nigerian economy, online banking has moved from a convenience to a necessity. Technical issues that prevent customers from engaging in transactions or accessing their funds could be considered a violation of the right to reasonable access to services.
This right, as stipulated in the FCCPA, is essential in an environment where access to funds is critical.
The FCCPC also stressed the importance of transparency from Nigerian banks during such disruptions. According to the Act, service providers are required to communicate openly and accurately with customers, particularly when service outages occur.
The Commission noted, “During service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.”
However, the FCCPC complained that many customers have been left without information, increasing frustration and leading to a feeling of neglect.
Customers facing difficulties due to these disruptions have the right to seek redress, as per FCCPA provisions, if services fall below acceptable standards. The Commission confirmed that it is monitoring the situation to ensure consumers’ rights are respected.
“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 agency affirmed.
The FCCPC revealed that it is collaborating with regulatory authorities, financial institutions, and other stakeholders to address these service issues and safeguard consumers’ interests.
Banks have been urged to act promptly to restore stable services, prioritise customer support, and improve their communication to manage expectations responsibly and transparently. “The Commission assures affected bank customers that their concerns are being taken seriously,” the FCCPC reiterated, encouraging financial institutions to rectify service disruptions quickly.
Customers impacted by these issues can contact the FCCPC through its official channels to report complaints. The agency reiterated its focus on ensuring compliance with the FCCPA 2018, safeguarding the rights of Nigerian consumers, and holding banks accountable for service standards.
