The Federal Competition and Consumer Protection Commission (FCCPC) has urged deposit money banks (DMBs) to take swift action to resolve continuous disruptions in online banking services across Nigeria.
The disruptions, FCCP noted, was hindering customers from accessing their funds, making payments, and carrying out essential transactions.
“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 functional ity 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,” said FCCP.
It said FCCPA further granted 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.
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity. Interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but they may also be a violation of this right,” FCCPC added.
