According to the Federal Competition and Consumer Protection Commission (FCCPC), recent bank service interruptions that have made it impossible for consumers to retrieve their money constitute a breach of their rights.

FCCPC stated this yesterday in a statement issued by its Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello.

According to the Federal Competition and Consumer Protection Commission (FCCPC), the ongoing interruptions in online banking services throughout Nigeria are a major source of worry.

Millions have been adversely affected by these cording outages, which have made it difficult for consumers to access their money, make payments, and complete necessary activities. These disruptions have significant ramifications for both individuals and companies.

“Bank customers have certain rights under the Federal Competition and Consumer Protection Act (FCCPA) 2018 to ensure equitable and responsible service delivery.

The right to excellent service, which requires banks and other service providers to maintain appropriate levels of dependability and functioning, is a crucial clause.

One may argue that banks are not meeting this criteria when they are unable to continue providing access to basic financial services, which could result in serious financial difficulties, a decline in public confidence in the banking system, and harm to the economy as a whole.

When technological issues prevent customers from accessing their own money, the FCCPA’s further guarantee of consumers’ right to fair access to products and services is undermined.

Online banking is becoming more than just a convenience in an era where Nigeria’s economy is becoming more and more paperless.

“In addition to being inconvenient, disruptions that prevent customers from doing transactions or obtaining necessary cash may also constitute a breach of this right.

The FCCPA mandates that service providers be open, truthful, and honest in their communications with clients.

“Banks must fully inform their customers about the causes, extent, and expected duration of any service issues during service disruptions.”Unfortunately, a lot of customers are left in the dark, which exacerbates their annoyance and makes them feel abandoned.

Customers can seek recourse under the FCCPA for services that don’t live up to the required standards.

Therefore, bank clients who are negatively impacted by subpar services have the right to seek redress.

In order to ascertain if consumers’ rights to redress are being respected and whether further action is required to ensure responsibility, the FCCPC is presently assessing the situation.To address these interruptions and guarantee consumer protection, the FCCPC is actively collaborating with pertinent regulatory bodies, financial institutions, and others.

To guarantee that the FCCPA’s safeguards are maintained, the Commission will take all required steps.

Customers of impacted banks are reassured by the Commission that their complaints are being carefully considered.

To manage client expectations in a transparent and responsible manner, we implore banks and financial institutions to move quickly to restore services, give customer assistance first priority, and improve communication.

“The following avenues are available for consumers to contact the FCCPC in order to file complaints: