The Federal Competition and Consumer Protection Commission has warned Nigerian banks to address the frequent disruptions in their online services.
The Executive Vice Chairman and CEO of the FCCPC, Tunji Bello, in a statement on Tuesday, said banks are legally bound to uphold fair and accountable service delivery standards to their customers.
This directive comes as many Nigerian banks continue to face widespread online service interruptions, inconveniencing millions of customers nationwide.
In response to the growing concerns, the FCCPC reaffirmed its commitment to protecting consumer rights and ensuring that Nigerian banks meet their obligations to customers.
“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers. The Commission will pursue all necessary actions to ensure the protections of the FCCPA are upheld,” the FCCPC stated.
The agency also reassure Nigerian consumers that their grievances are being prioritized.
The CEO added, “We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.”
In recent weeks, some of Nigeria’s leading banks have announced system upgrades intended to improve service.
However, some of these upgrades resulted in temporary service disruptions, leaving customers frustrated and impacting transactions across the nation.
