Nigerian Banks Warned Over Online Banking Disruptions as Consumer Rights Commission Issues Strong Advisory

Written on 29/10/2024

Punch NG

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a serious warning to Nigerian banks regarding persistent online banking disruptions that have negatively impacted consumer access.

The FCCPC highlighted that these disruptions prevent customers from accessing funds, completing payments, and conducting essential transactions.

The commission’s advisory underscores the importance of reliable digital banking services, urging financial institutions to take immediate steps to resolve these issues and protect consumers’ financial rights.

In a statement released on Tuesday, FCCPC Executive Vice Chairman and Chief Executive Officer Mr Tunji Bello emphasized that “these disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”

The commission highlighted that under the Federal Competition and Consumer Protection Act of 2018, customers have rights that ensure fair and accountable service delivery, including the right to quality service.

Bello added that the commission is currently collaborating with relevant regulatory authorities and financial institutions to address the service disruptions and ensure consumer protections are enforced.

“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 uphold the protections of the FCCPA,” Bello assured.