The Federal Competition and Consumer Protection Commission has expressed concern over the persistent disruptions in online banking services across Nigeria, highlighting their adverse impact on millions of consumers.
The Executive Vice Chairman of FCCPC, Tunji Bello, condemned the service interruptions, stating that they impede access to crucial financial transactions and interfere with customers’ ability to handle their finances.
He highlighted the importance of system upgrades for improving operational efficiency, but warned that disruptions can violate consumer rights.
Nigerian banks are presently enhancing their IT infrastructure to meet the increasing need for electronic transactions.
These enhancements, anticipated to extend in the upcoming weeks and months, are designed to enhance operational capabilities and user satisfaction.
Nonetheless, Bello noted that consumers are entitled to dependable service according to the 2018 Federal Competition and Consumer Protection Act, ensuring equitable and transparent service provision.
Bello explained that as Nigeria transitions to a cashless economy, online banking is no longer just a convenience but a must-have.
“If financial institutions do not ensure continuous access to crucial services, they run the risk of creating major financial difficulties, losing trust, and affecting the overall economy.”
He stated that based on the FCCPA, consumers are entitled to reasonable access to products and services, which is hindered when technical issues prevent them from accessing their funds.
“Service providers are obligated to maintain acceptable levels of functionality and reliability. Interruptions that prevent consumers from accessing their money or conducting transactions may amount to a violation of this right,” he added.
The commission urged banks to operate transparently, stressing the importance of informing customers about service disruptions and their expected duration. It also encouraged consumers to seek redress if they experience subpar service.
He added, “Unfortunately, many customers are left uninformed, leading to frustration and feelings of abandonment.
“Bank customers have the right to seek redress if services do not meet required standards,” Bello added.
The FCCPC assured the public that it is reviewing the situation to ensure compliance with consumer protection laws.
It hinted at the possibility of further action to hold financial institutions accountable if necessary.
The commission’s statement underscores the need for improved communication from banks and better safeguards to protect consumers amid Nigeria’s transition to a cashless economy.
