The Federal Competition and Consumer Protection Commission (FCCPC) has tasked banks to urgently address the challenge of service disruption bedeviling their operations across the country, noting that the protracted glitch has hindered customers from accessing their funds and carrying out essential transactions, a situation that negates the principle of Consumer Protection.
A statement from the Commission on Tuesday, signed by the Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, said the Commission is deeply concerned about the continuing disruptions in online banking services across the country, adding that the system failure must be urgently addressed to avert loss of public confidence in the banking sector.
The Commission expressed concern that the disruptions have negatively impacted millions and has serious implications for individuals and businesses alike.
Discussing the possible consequences of the service disruptions, the Executive Vice Chairman explained in the statement, that “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.”
Mr. Bello noted that “under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery,” noting that a major provision is the right to quality service, which requires service providers, including banks to maintain acceptable levels of functionality and reliability.
“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 own funds,” he said.
Discussing the crucial importance of a glitch-free banking system in modern time, the FCCPC Boss stated: “At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity.”
He noted that 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.
“Service providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner,” he said, adding that during service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.
He expressed dismay that banks have failed to live up to expectation in this regard, stating: “Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.”
“The FCCPA allows consumers to seek redress for services that do not meet the necessary standards. As such, 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.”
He assured that Commission 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 ensure the protections of the FCCPA are upheld.”
“The Commission assures affected bank customers that their concerns are being taken seriously.”
“We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.”
“We are committed to safeguarding the rights of Nigerian consumers and making certain that every service provider adheres to the statutory mandates provided in the FCCPA 2018. We thank the public for their patience and understanding as we work to end this hardship,” he stated.
“The FCCPC is committed to safeguarding the rights of Nigerian consumers and making certain that every service provider adheres to the statutory mandates provided in the FCCPA 2018,” he said while commending members of the public for patience and understanding in the course of the challenge.
He encouraged the public to communicate their complaints to the commission via any of the following channels of the Commission: Website: www.fccpc.gov.ng; Email: contact@fccpc.gov.ng.
