Service disruption: FCCP urges banks to address hitches
By Patience Ikpeme
The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over the recent spate of disruptions in online banking services across Nigeria.
To this end, the Commission has urged Deposit Money Banks (DMBs) to take immediate steps to address these issues and ensure smooth service delivery.
The FCCPC noted that these disruptions have hindered customers’ ability to access their funds, make payments, and conduct essential financial transactions. This, the Commission argues, violates the Federal Competition and Consumer Protection Act (FCCPA) 2018, which guarantees consumers the right to quality service and reasonable access to goods and services.
The Commission noted that the growing reliance on cashless transactions makes online banking a necessity, not a convenience. Disruptions in these services can lead to significant financial hardship and erode consumer trust in the banking system.
The FCCPC is actively working with relevant authorities and financial institutions to resolve the issues and protect consumer rights.
The Commission said it is prepared to take necessary actions to ensure compliance with the FCCPA and safeguard the interests of Nigerian consumers.
