The Federal Competition and Consumer Protection Commission (FCCPC) has warned Nigerian banks about persistent disruptions to online banking services that affect consumers across the country. In a recent statement, FCCPC Executive Vice Chairman and CEO, Mr. Tunji Bello, highlighted the far-reaching impact of these disruptions, stating that they hinder consumers’ ability to access funds, complete essential payments, and perform critical transactions. He noted, “These disruptions have negatively impacted millions and have serious implications for individuals and businesses.”

The FCCPC, under the Federal Competition and Consumer Protection Act (FCCPA) of 2018, upholds consumer rights to fair and accountable service delivery, including access to quality service. Mr. Bello stressed that the FCCPC is collaborating with regulatory authorities and financial institutions to tackle the issue and ensure consumer protections are enforced.

With Nigeria’s economy increasingly moving toward cashless transactions, the FCCPC underscored that online banking failures now represent more than just inconveniences; they are seen as consumer rights violations. The lack of communication during service outages compounds frustration, which Bello described as a failure to meet FCCPA standards. The FCCPC is currently reviewing these service interruptions to determine if consumer rights to redress are being met and warned banks of possible actions if disruptions continue.

“We urge banks to take swift action, prioritise customer support, and enhance communication,” Bello added. Affected customers are encouraged to report complaints through the FCCPC’s website or email.