FCCPC Warns Banks Against Service Disruption, Violation Of Customers’ Right

The Federal Competition and Consumer Protection Commission (FCCPC) has urged banks and financial institutions to restore online services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.

The FCCPC in a statement by its Executive Vice Chairman, Mr Tunji Bello said the Commission is deeply concerned about the continuous disruptions in online banking services across Nigeria.

He said “These disruptions, which have hindered customers from accessing their funds, making payments, and carrying out essential transactions, have negatively impacted millions and have serious implications for individuals and businesses alike.”

“Under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.”

“A key provision is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability.” Mr Bello explained.

“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 own funds.” He stated.

The FCCPC boss further said 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.”

“During service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.”

“Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.” Mr Bello said.

“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.”

He disclosed that the commission 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 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 ensure the protections of the FCCPA are upheld.”

“Consumers have the option to reach out to the FCCPC through the following channels to report complaints: Website: www.fccpc.gov.ng mail: contact@fccpc.gov.ng.” He added.

Olusola Akintonde