The Federal Competition and Consumer Protection Commission (FCCPC) has said the recent service disruptions experienced in banks which has prevented customers from accessing their funds is a violation of customers rights.
FCCPC disclosed this yesterday in a statement signed by its Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello.
FCCPC stated: “The Federal Competition and Consumer Protection Commission (FCCPC) is deeply concerned about the continuing disruptions in online banking services across Nigeria.
“These cording disruptions, which have hindered customers from accessing their funds, making payments, and carrying out essential transactions, have negatively impacted millions and have serious implications for individuals and businesses alike.
“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.
“When banks cannot 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.
“The FCCPA further grants consumers the right to reasonable access to goods and services—a principle that is compromised when technical failures impede customers’ access to their own funds.
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity.
“Interruptions 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.
“Service providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner.
“During service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues. “Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.
“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.
