The Federal Competition and Consumer Protection Commission has engaged banks and other stakeholders in discussions aimed at fostering a fairer financial landscape.
In a statement on its official X handle, the Commission said the engagement was part of its sector-by-sector roundtable compliance drive, designed to empower bank stakeholders with compliance knowledge.
According to the FCCPC, the initiative seeks to enhance self-regulation, strengthen consumer protection, and address industry-specific challenges.
One of the key issues discussed was customers’ data protection.
“There are now data protection laws in Nigeria, and financial institutions will be held liable when consumers’ data is compromised,” the Commission stated.
It also emphasized the need for proper disposal of Know-Your-Customer (KYC) forms to prevent misuse.
“Some of the KYC forms are seen being used by roadside sellers to package food items to people; this is wrong,” it warned.
Additionally, the FCCPC highlighted concerns about banks struggling to meet the Central Bank of Nigeria guidelines for failed transaction reversals due to inconsistencies in resolution timeframes set by payment gateways.
Reaffirming its commitment to fostering a stronger and more compliant financial market, the Commission reiterated its dedication to ensuring fair competition and consumer protection across the sector.
