The Federal Competition and Consumer Protection Commission has engaged banks and financial stakeholders in discussions aimed at promoting fair competition and enhancing consumer protection in Nigeria’s financial sector.
In a statement on its official X handle on Sunday, the FCCPC said the engagement was part of its sector-by-sector compliance drive to strengthen self-regulation and ensure adherence to consumer protection standards.
The Commission stressed the importance of equipping bank stakeholders with compliance knowledge, particularly in addressing sector-specific challenges, including data protection and transaction reversals.
“There are now data protection laws in Nigeria, and financial institutions will be held liable when consumers’ data is compromised,” the FCCPC stated. It raised concerns over the improper disposal of Know-Your-Customer (KYC) forms, warning that discarded forms should not end up in the wrong hands.
“Some of the KYC forms are seen being used by roadside sellers to package food items for people; this is wrong,” it added.
The FCCPC also highlighted challenges faced by banks in meeting the Central Bank of Nigeria’s guidelines for failed transaction reversals, citing inconsistencies in resolution timeframes set by payment gateways.
The Commission reaffirmed its commitment to fostering a transparent and compliant financial market that prioritises consumer rights and fair competition.
