On Tuesday, October 29, the Federal Competition and Consumer Protection Commission (FCCPC) issued a warning to Nigerian banks about ongoing online service disruptions.
Tunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, made this announcement in response to a rise in service outages affecting banks across the country.
The FCCPC highlighted that its Establishment Act requires banks to provide fair and accountable service to their customers. The Commission is committed to taking all necessary actions to protect consumers during these service interruptions.
“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers,” the statement read. “We assure affected bank customers that their concerns are being taken seriously.”
The FCCPC urged banks to quickly restore services, prioritize customer support, and communicate effectively to manage customer expectations.
Recent reports have indicated that several major Nigerian banks have experienced service interruptions due to system upgrades, which have taken place at different times.
