Since the beginning of October, many bank customers in Nigeria, those of Zenith Bank and GTBank have been having difficulties in carrying out transactions from their accounts, the Federal Competition and Consumer Protection Commission has called on Nigerian banks to address the ongoing issues with online banking service disruptions that have left millions of customers unable to access their funds or complete essential transactions.
Justifying the call, the Federal Competition and Consumer Protection Act (FCCPA) 2018, the FCCPC outlined that bank customers are entitled to quality service, and any interruptions in accessing essential financial services can be deemed as a failure to meet this standard.’
“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 FCCPC stated.
The Commission pointed out that in today’s increasingly cashless Nigerian economy, online banking has moved from a convenience to a necessity. Technical issues that prevent customers from engaging in transactions or accessing their funds could be considered a violation of the right to reasonable access to services as stipulated in the FCCPA, and are essential in an environment where access to funds is critical.
The FCCPC laid emphasis on the importance of transparency from Nigerian banks during such disruptions. According to the Act, service providers are required to communicate openly and accurately with customers, particularly when service outages occur.
The FCCPC also revealed that it is collaborating with regulatory authorities, financial institutions, and other stakeholders to address these service issues and safeguard consumers’ interests.
