The Federal Competition and Consumer Protection Commission, FCCPC, has voiced serious concerns over the persistent disruptions to online banking services across Nigeria, lately.
The Commission warned that these interruptions could contravene consumer rights under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
Recall that millions of bank customers have been impacted by the disruption in online banking services in recent weeks. This is even as customers have faced challenges in accessing funds, making payments, and conducting essential transactions online.
This was contained in a statement by the Executive Vice Chairman/ Chief Executive Officer, Tunji Bello, on Tuesday. He stated that under the FCCPA, Nigerian consumers have a right to quality service.
Bello, therefore, stated that providers, including banks, should uphold an acceptable standard of functionality and reliability of their services.
The CEO argued that persistent service disruptions in the banking sector jeopardize these rights. Thereby, placing undue strain on customers and potentially damaging the wider economy.
The FCCPC said insufficient communication from banks has exacerbated customer frustration, leaving many feeling abandoned.
According the CEO, the FCCPA provides avenues for redress. He, therefore, informed that FCCPC is currently reviewing whether these disruptions meet the statutory standards for quality and accountability.
He said, “If the current service levels fail to improve, the Commission is prepared to explore further actions to ensure compliance and consumer protection.
The FCCPC, therefore, stated its commitment to safeguarding the rights of Nigerian consumers. The CEO said the Commission will not hesitate to enforce the mandates of the FCCPA 2018. And to ensure accountability in service delivery.
Bello noted that FCCPC is collaborating with regulatory bodies, financial institutions, and stakeholders to mitigate the disruption and protect consumers’ interests.
Recall that customers of Zenith Bank and Guaranty Trust Bank (GTBank) have endured ongoing service disruptions. A development that have being making smooth financial transactions almost impossible.
According to source, the problem is attributed to ongoing core banking migrations, a form of system upgrade.
Though both banks initially claimed the upgrades were meant to enhance user experience, the reality has been one of failed transactions, frozen accounts, disappearing balances, amongst others.
source: Premium Times
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