*Tunji Bello, Executive Vice-Chairman/CEO of the Federal Competition and Consumer Protection Commission, says the Commission expresses deep concern about the persistent service disruptions, especially in online banking services across Nigeria, stating the FCCPA 2018 confers specific rights consumers, to guarantee fair and accountable service delivery

Isola Moses | 绿帽献妻

The Federal Competition and Consumer Protection Commission (FCCPC) has said it is deeply concerned about the continuing disruptions in especially online banking services across Nigeria.

绿帽献妻 reports these banking service disruptions in the last few weeks have hindered millions of consumers of financial products and services from accessing their funds, making payments, and carrying out essential transaction.

Mr. Tunji Bello, Executive Vice-Chairman/CEO of FCCPC

The situation has negatively impacted millions of both bank customers and other consumers with serious implications for individuals and businesses alike in the West African country.

Recently, several Nigerian banks have announced their technology system upgrades, aimed at optimising bnaking product and service offerings to customers, while temporarily shutting services in the process.

Speaking on the development, Mr. Tunji Bello, Executive Vice-Chairman/Chief Executive Officer (EVC/CEO) of FCCPC, Tuesday, October 29, 2024, stated under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.

Bello said pursuant to Sections 17(j), (l) (s), 116 (2), 124, 125, 138 and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, a key provision for consumers is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability.

The market regulatory Commission further noted when banks could not 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.

Bello stated the FCCPA also grants consumers the 鈥渞ight to reasonable access to goods and services鈥攁 principle that is compromised when technical failures impede customers鈥� access to their own funds.鈥�

Cashless, online banking services now a necessity for consumers, says Bello

The EVC/CEO of FCCPC explained that at a time when the Nigerian economy is increasingly cashless, online banking is 鈥渘o longer a mere convenience but a necessity鈥�.

He said: 鈥淚nterruptions 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.

鈥淪ervice providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner.鈥�

Bello stated: 鈥淒uring service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.

鈥淩egrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.鈥�

The statement as well noted the FCCPA allows consumers to seek redress for services that do not meet the necessary standards.

As such, bank customers can seek redress, if they are adversely affected by substandard services, the Commission said.

Bello disclosed the FCCPC is 鈥渃urrently reviewing the situation to determine if consumers’ rights to redress are being upheld and if more action is needed to enforce accountability.

鈥淭he FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers.

鈥淭he Commission will pursue all necessary actions to ensure the protections of the FCCPA are upheld.鈥�

The Commission, therefore, assured affected bank customers that their concerns are being taken seriously.

鈥淲e 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,鈥� the EVC/CEO said.

Meanwhile, the Commission has stated that consumers have the option to reach out to the FCCPC through the following channels to report complaints: Web site: and e-mail: contact@fccpc.gov.ng.

Bello added: 鈥淲e are committed to safeguarding the rights of Nigerian consumers and making certain that every service provider adheres to the statutory mandates provided in the FCCPA 2018.

鈥淲e thank the public for their patience and understanding as we work to end this hardship.鈥�

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