The Federal Competition and Consumer Protection Commission (FCCPC) has frowned at the rampant disregard of consumers rights by banks following intermittent disruption in online banking services across the country.

The Consumers’ Rights Commission said the concern arises from perceived violations,
Pursuant to Sections 17(j), (l) (s), 116 (2), 124, 125, 138 and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

The statement signed by Mr. Tunji Bello, Executive Vice Chairman/ Chief Executive Officer, said the disruptions have had adverse effects on the consumers of banking products and at worst, thereby negatively impacted millions and have serious implications for individuals and businesses alike.

Bello stated that the Federal Competition and Consumer Protection Act (FCCPA) 2018, avails
bank customers specific rights to guarantee fair and accountable service delivery. This he said includes 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”.

He described as technical failures where customers cannot access their own fund which is guaranteed under the FCCPA. He stated that possible violations could be established following Interruptions that impede consumers from engaging in transactions or accessing essential funds
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity,” he stated.

He further stated that 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”.

The statement said in line with the Act, the Commission 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 Commission assures affected bank customers that their concerns are being taken seriously. We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly”, he stated.

While expressing the Commission’s
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, it urged consumers to reach out to the FCCPC through the following channels to report complaints: Website: www.fccpc.gov.ng or through Email: contact@fccpc.gov.ng.