The Federal Competition and Consumer Protection Commission (FCCPC) has announced its intent to penalize Nigerian banks over persistent online service disruptions that have left many customers unable to access funds or complete vital transactions.
The FCCPC expressed concerns that these service failures, which affect millions of Nigerians, pose serious challenges for both individuals and businesses relying on digital banking.
The FCCPC stressed that these disruptions violate the Federal Competition and Consumer Protection Act of 2018, which mandates banks to deliver reliable service.
The commission is working with regulators and financial institutions to ensure these standards are met, aiming to secure consumer protection and restore service consistency.
As Nigeria advances toward a cashless economy, the FCCPC noted that such interruptions cannot be seen as minor issues.
The commission pointed out that frequent disruptions could undermine public confidence in the banking sector, with potential negative impacts on the economy.
To address these concerns, FCCPC has urged banks to improve communication with customers during outages, which has been a frequent complaint from those affected.
The FCCPC is currently reviewing the situation to assess banks’ adherence to consumer rights and is encouraging customers to report any issues via its website.
