FCCPC Warns Banks of Sanctions Over Online Service Interruptions
By Oguine Daniel

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a serious warning to Nigerian banks regarding ongoing disruptions to online banking services that are affecting consumers. The commission expressed concern that these interruptions hinder customers from accessing funds, making payments, and completing essential transactions.

In a statement released on Tuesday, FCCPC Executive Vice Chairman and CEO Mr. Tunji Bello stressed that “these disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.” He noted that under the Federal Competition and Consumer Protection Act of 2018, customers have rights to fair and accountable service delivery, including the right to quality service.

Bello mentioned that the FCCPC is working closely with relevant regulatory authorities and financial institutions to address these disruptions and enforce consumer protections. “The FCCPC is actively collaborating with stakeholders to resolve these issues and uphold customer protections,” he assured.

The commission emphasized that banks failing to maintain access to essential services could breach these standards, potentially resulting in “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.” As Nigeria moves towards a cashless economy, interruptions to online banking are seen as more than mere inconveniences; they are viewed as violations of consumer rights.

Additionally, the FCCPC highlighted the importance of transparency and effective communication from service providers during disruptions.

“Regrettably, many consumers are left in the dark,” the commission stated, leading to increased frustration and feelings of neglect.

Bello noted that the lack of clear communication constitutes a failure to meet the FCCPA’s consumer rights standards. In light of these ongoing issues, the FCCPC is assessing the situation to determine if customers’ rights to redress are being upheld.

“We urge banks and financial institutions to take swift action to restore services, prioritize customer support, and improve communication,” he said. Bello assured affected customers that their concerns are being taken seriously, stating, “We are committed to safeguarding the rights of Nigerian consumers and ensuring compliance with the statutory mandates of the FCCPA 2018.”

Customers experiencing issues are encouraged to report their complaints via the FCCPC’s website or email.