Customers seek compensation for losses due to unstable bank networks

On Wednesday, October 23, many bank customers expressed their frustration, calling for compensation from financial institutions after experiencing losses due to unstable online networks.

In Abuja, customers shared their stories with the News Agency of Nigeria, revealing how they lost significant amounts of money because they couldn’t complete their online transactions in time.

Mr. Gbenga Akintoye, a customer of Guaranty Trust Bank (GTB), described a frustrating experience. “My wife and children went to Silverbird Galleria in Abuja to buy some things and have fun. I told my wife I would transfer some money to her account before they got there. When they arrived, she called me, and I was still trying to make the transfer. The embarrassing part is that it didn’t go through that day. My wife and children had to walk around without buying anything. They were humiliated and frustrated; who pays for that?” he said.

Another customer, Mrs. Happiness Itua, also from GTB, mentioned that the bank’s poor network caused her to incur a fine of N5,000 for a late payment. “I usually pay for my contributions right after I receive my salary, but this time I couldn’t because of GTB’s issues. Since many people were late, they made a rule that if you didn’t pay within a week, you’d be fined. I shouldn’t have to pay this because the bank’s app wasn’t working. GTB should pay me back,” she stated.

Mrs. Amina Babangida, a Zenith Bank customer and frozen foods trader, said the bank’s network issues affected her business, causing some of her goods to spoil because she couldn’t pay her utility bills on time.

Ms. Nkechi Udeke, a Sterling Bank customer, highlighted ongoing network problems since September. “The bank has been having issues with alerts. I lost a lot of money because a customer would pay for items, and I would think the transaction was successful, only to find out later that the payment didn’t go through,” she explained.

Prof. Uche Uwaleke, a financial expert and former Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), stated that customers who suffered losses should be compensated. “They deserve compensation as long as it can be proven that their losses were due to transaction failures that exceeded the initial time communicated by the bank,” he said.

The Central Bank of Nigeria (CBN) has advised customers to report their complaints to their banks and give them two weeks to resolve the issues. If not resolved, customers can escalate their complaints to the Consumer Protection Department (CPD) of the CBN by emailing cpd@cbn.gov.ng or calling +234 7002255226.

A banker, who wished to remain anonymous, expressed regret over the customers’ losses but noted that the network upgrade was intended to help protect customers’ funds.