The Federal Competition and Consumer Protection Commission (FCCPC) has accused banks of violating their customers’ rights, following the lingering service disruptions in online banking services across Nigeria and has advised the customers to seek redress.
For about three weeks now, bank customers, particularly those of GT Bank and Zenith Bank have suffered frustration while trying to carry out transactions from their accounts, as a result of the core banking application switch carried out by the banks.
In a statement on Tuesday, the FCCPC pointed out that these 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.
The Commission encouraged the bank customers to seek redress, noting that 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,” it said.
The commission further said 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.
It noted that at a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity and that interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but may also be a violation of this right.
The commission reiterated that service providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner, but regretted that many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.
It added 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. The FCCPC is currently reviewing the situation to determine if consumers’ rights to redress are being upheld and if more action is needed to enforce accountability,” it said.
