The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to financial institutions regarding the ongoing disruptions in online banking services throughout Nigeria.
In a statement released on Tuesday the Executive Vice Chairman and Chief Executive Officer of the commission, Tunji Bello, expressed deep concern over these disruptions, which have obstructed customers’ access to their funds, hindered payment processes and impeded essential transactions.
The disruptions have negatively impacted millions and have serious implications for individuals and businesses alike…
FCCPA
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.
The commission emphasised that service providers are obligated under the Federal Competition and Consumer Protection Act (FCCPA) to maintain transparency and communicate openly and accurately with their customers.
The FCCPA, enacted in 2018, serves as the primary legislation governing consumer protection and competition regulation in Nigeria.
Furthermore, the commission highlighted the importance of keeping customers informed during service disruptions, stressing that banks must provide clear information regarding the causes, extent, and expected duration of any service-related issues.
