Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to banks over disruptions in online banking services that have affected millions of customers.
The commission expressed concerns that these service interruptions are limiting access to funds, payments, and essential transactions.
In a statement released Tuesday, FCCPC Executive Vice Chairman and CEO Tunji Bello said, “These disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”
The FCCPC underscored that, according to the Federal Competition and Consumer Protection Act (FCCPA) of 2018, consumers are entitled to reliable and accountable service delivery, including the right to quality service.
The commission is currently collaborating with regulatory authorities and financial institutions to address these issues.
“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers,” Bello stated, adding that the commission would take “all necessary actions” to enforce consumer protections.
The commission warned that banks failing to maintain essential services may breach FCCPA standards, leading to “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”