FCCPC Warns Banks Over Service Disruptions, Cites Consumer Rights Violations

• The FCCPC reminded banks of their obligation under the Federal Competition and Consumer Protection Act (FCCPA)
  

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The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over persistent disruptions in online banking services across Nigeria, affecting millions of customers.

In a statement signed by its Executive Vice Chairman, Tunji Bello, the commission warned banks against violating consumers’ rights and urged them to ensure reliable service delivery.

“These disruptions have hindered customers from accessing their funds, making payments, and carrying out essential transactions,” the statement noted, stressing the negative impact on both individuals and businesses.

The FCCPC reminded banks of their obligation under the Federal Competition and Consumer Protection Act (FCCPA) 2018 to provide quality services, stating that failure to maintain reliable access to financial services could lead to financial hardship and a loss of trust in the banking system.

With Nigeria’s economy becoming increasingly cashless, the FCCPC highlighted that online banking is no longer a convenience but a necessity. Interruptions in services, the commission said, could constitute a violation of consumer rights.

Bank customers were also reminded of their right to seek redress for substandard services, as the FCCPC continues to work with regulatory authorities to address the situation and ensure accountability.

Banks named in the report include Zenith Bank, Guaranty Trust Bank, First Bank, United Bank for Africa, and Access Bank.