The Federal Competitors and Shopper Safety Fee (FCCPC) has introduced its intent to penalize Nigerian banks over persistent on-line service disruptions which have left many shoppers unable to entry funds or full very important transactions.
The FCCPC expressed issues that these service failures, which have an effect on tens of millions of Nigerians, pose critical challenges for each people and companies counting on digital banking.
The FCCPC burdened that these disruptions violate the Federal Competitors and Shopper Safety Act of 2018, which mandates banks to ship dependable service.
The fee is working with regulators and monetary establishments to make sure these requirements are met, aiming to safe client safety and restore service consistency.
As Nigeria advances towards a cashless financial system, the FCCPC famous that such interruptions can’t be seen as minor points.
The fee identified that frequent disruptions might undermine public confidence within the banking sector, with potential destructive impacts on the financial system.
To handle these issues, FCCPC has urged banks to enhance communication with clients throughout outages, which has been a frequent criticism from these affected.
The FCCPC is presently reviewing the state of affairs to evaluate banks’ adherence to client rights and is encouraging clients to report any points by way of its web site.
