The Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria has announced a major investigation into widespread consumer complaints against leading commercial bank GTBank and telecommunications company MTN.
Investigation Reasons and Process
The Federal Competition and Consumer Protection Commission (FCCPC) has launched a major investigation following widespread complaints about services from GTBank and MTN. The investigation aims to identify cases of poor service delivery, exploitative practices, and potential consumer rights violations. It will take place from December 3 to 5, with the companies required to provide information and explanations to quickly resolve ongoing issues.
Recent Service Issues with GTBank and MTN
Customers of GTBank and MTN face ongoing service issues. GTBank completed an upgrade to its core banking system, Finacle, expecting improved efficiency. However, customers continue to face transaction problems: missing funds, service disruptions, and account balance discrepancies. For example, customer Aisha Hamman expresses concern over irregular transactions, stating: “We’re seeing strange activity—accounts getting credited and then debited, some with zero balances suddenly credited and then adjusted again.” MTN deals with poor internet service quality issues. MTN's CEO Karl Toriola noted a 519.1 billion loss due to forex losses caused by inflation and naira devaluation and called for an increase in service tariffs.
Legal Framework and Next Steps
The FCCPC's investigations are conducted under the Nigerian Federal Competition and Consumer Protection Act 2018. These regulations empower the commission to investigate and resolve practices undermining consumer rights. The commission provides a platform to address consumer complaints and enforce compliance with regulations. The FCCPC also urges citizens to continue reporting poor service and exploitative practices through its official channels.
These investigations emphasize the FCCPC's commitment to protecting consumer rights and ensuring fair market operations. The outcomes may lead to significant changes in service practices for GTBank and MTN.
