From Fred Ezeh, Abuja
Federal Competition and Consumer Protection Commission (FCCPC) has warned commercial banks against unnecessary disruption in their online service platforms without due and prompt explanations to customers, as well as update on necessary responses.
FCCPC said with Nigeria’s economy increasingly going cashless, online banking is no longer a mere convenience but a necessity, adding that interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but may also be a violation of customers’ right.
FCCPC Executive Vice Chairman/Chief Executive Officer, Tunji Bello, in a statement, yesterday, said the commission has observed, lately, and had also received barrage of complaints from several bank customers about the inefficiency in online banking platforms of some commercial banks.
He said: “FCCPC is deeply concerned about the continuing disruptions in online banking services across Nigeria. These disruptions, which have hindered customers from accessing their funds, making payments, and carrying out essential transactions, have negatively impacted large number of customers, with serious implications for individuals and businesses alike.
“Under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to access fair and accountable service delivery. A key provision is the right to quality service, which mandated all service providers, including banks, to 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 said the FCCPC Act grants consumers the right to reasonable access to goods and services, a principle that is compromised when technical failures impede customers’ access to their own funds. Bello further noted that the FCCPA also encouraged consumers to seek redress for services that do not meet the necessary standards, thus encouraging bank customers to seek redress if they are adversely affected by substandard services.
The FCCPC boss said 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.
“It is important banks keep their customers fully informed about the causes, scope, and anticipated duration of any service-related issues. Sadly, many consumers are left in the dark, a situation that up their frustrations and leave them feeling unsupported,” he said.
The commission, however, assured affected bank customers that their concerns are being taken seriously, and urged banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.