Federal Competition and Consumer Protection Commission (FCCPC) has warned banks against violation of customer rights due to continuous disruption in online banking services.
A statement issued by the Executive Vice Chairman of the FCCPC in Abuja on Tuesday, Mr Tunji Bello, said the FCCPC Act allows consumers to seek redress for services that do not meet the required standards.
He called on banks and financial institutions to take prompt action to restore services, prioritize customer support and enhance communication to manage customer expectations transparently and responsibly.
Bello said the commission is currently reviewing the situation to determine whether consumers' rights to redress are being upheld.
Bello said the commission is also reviewing the situation to determine whether more action is needed to enforce accountability.
He said the disruption, which had hindered customers from accessing their funds, making payments and carrying out essential transactions, had negatively impacted millions of people and had a severe impact on individuals and businesses.
According to him, under the FCCPC Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.
“The FCCPC is deeply concerned by the ongoing disruptions in online banking services across Nigeria.
': A key provision is the Right to Quality Service, which mandates that all service providers, including banks, maintain acceptable levels of efficiency 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 confidence in the banking system and overall The economy may suffer losses.
The FCCPA gives consumers the right to fair access to goods and services, a principle that is compromised when technological failures hinder consumers' access to their own funds.
“During service disruptions, it is essential that banks keep their customers fully informed about the causes, scope and estimated duration of any service problems.
“Sadly, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling helpless.
The FCCPA allows consumers to seek redress for services that do not meet required standards.
“Thus, bank customers can seek redress if they are adversely affected by substandard services,” he said.
Bello said the FCCPC is working with relevant regulatory authorities, financial institutions and stakeholders to address these disruptions and ensure customer safety.
He said the Commission will take all necessary action to ensure the protection of the FCC Act. (NAN)
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