The Federal Competition and Consumer Protection Commission (FCCPC) has condemned the persistent online banking disruptions in Nigeria, warning banks to restore services and prioritise customer support.
FCCPC noted that the disruptions have significantly hindered the daily lives of Nigerian citizens and businesses, undermining economic productivity.
The Executive Vice Chairman/Chief Executive Officer of the Agency, Mr. Tunji Bello disclosed this in a statement issued on Tuesday.
According to the statement, the Commission explained that bank customers have a right to reliable and efficient service delivery, as mandated by the Federal Competition and Consumer Protection Act (FCCPA) 2018.
“The Federal Competition and Consumer Protection Commission (FCCPC) is deeply concerned about the continuing disruptions in online banking services across Nigeria. 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.
“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 statement partly reads.
Mr. Bello explained that the FCCPA also 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.
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity. 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,” he said.
He equally stated that the FCCPA allows consumers to seek redress for services that do not meet the necessary standards, emphasising that “as such, bank customers can seek redress, if they are adversely affected by substandard services.”
The statement added: “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 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.”
The CEO assured affected bank customers that their concerns are being taken seriously, and urged banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.
“Consumers have the option to reach out to the FCCPC through the following channels to report complaints: Website: fccpc.gov.ng. Email: contact@fccpc.gov.ng.”
The Commission reiterated its commitment to safeguarding the rights of Nigerian consumers and making certain that every service provider adheres to the statutory mandates provided in the FCCPA 2018.
