FCCPC Warns Nigerian Banks: Restore Online Banking or Face Consumer Rights Enforcement

| By Adejumo Adekunle –

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to Nigerian banks over disruptions to online banking services, which have caused widespread inconvenience to consumers. The disruptions have impacted customers’ access to funds and essential transactions, leading to significant financial strain.

FCCPC Executive Vice Chairman, Mr. Tunji Bello, stated on Tuesday that these interruptions violate consumer rights under the Federal Competition and Consumer Protection Act (FCCPA) of 2018, which mandates fair and transparent service delivery.

The FCCPC is actively collaborating with financial regulators and banks to resolve these issues. Bello emphasized that with Nigeria’s shift toward a cashless economy, seamless online banking is vital, and service interruptions are no longer acceptable. He urged banks to restore services promptly, improve customer support, and communicate effectively during any future disruptions.

Customers are encouraged to report any further service issues through the FCCPC website or by email.