The Federal Competition and Consumer Protection Commission (FCCPC) has raised significant concerns over the ongoing disruptions in Nigeria’s online banking services, which have obstructed customer access to funds, payments, and essential transactions. In a statement, FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, highlighted the adverse impact of these service interruptions on millions of customers, emphasizing the serious implications for both individuals and businesses.
Citing the Federal Competition and Consumer Protection Act (FCCPA) 2018, Bello noted that bank customers are entitled to fair, accountable, and quality service. The FCCPA ensures the right to reasonable access to essential goods and services, and any breakdowns in banking access could mean banks are failing to meet this standard, leading to potential financial hardship, eroded trust in the banking system, and overall economic harm.
The FCCPC is currently investigating to ensure consumers’ rights to redress are upheld, warning that it will take “all necessary actions to enforce the FCCPA protections.” Bello has urged banks to prioritize the restoration of services, improve customer support, and communicate transparently to manage customer expectations. The Commission reassures affected customers that their concerns are a priority, providing contact options for filing complaints.
