The Federal Competition and Consumer Protection Commission (FCCPC) has warned banks in the country that the service disruptions which have stopped customers from transacting or having access to their funds are a violation of customers’ rights.
The FCCPC in a statement on Tuesday by its Executive Vice Chairman, Tunji Bello, said the service disruptions have negatively impacted millions of customers.
While noting the serious implications of such developments for both individuals and businesses, Bello said on the minimum, banks must keep their customers informed about the causes, scope, and anticipated duration of any issue as a form of accountability.
He added that affected consumers can seek redress, and the FCCPC is reviewing the situation to determine if consumers’ rights to redress are being upheld.
“Under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.
“A key provision is 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.
“The FCCPA further 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. At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity.
“Interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but they may also be a violation of this right.
“Service providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner,” the FCCPC boss said.
