The Federal Competition and Consumer Protection Commission has launched a major investigation into widespread consumer complaints against leading players in the banking, telecommunications, and aviation sectors.
The inquisitions, which will begin on December 3rd, 4th, and 5th respectively, are intended to address issues of poor service delivery, exploitative practices, and potential consumer rights violations.
In the banking sector, the FCCPC said in a statement on Sunday signed by the Director of Corporate Affairs, Ondaje Ijagwu that it would engage Guaranty Trust Bank (GTB) over reports of network failures that hinder customers from accessing their funds or using banking applications.
GTBank had on October 9th, 2024 notified its customers of an impending migration of its core banking application system to a new one, which would cause a temporary disruption in banking services.
The transition to a new and robust suite of Finacle Core Banking Application Systems was set to commence on Friday, October 11, 2024, and was expected to be completed by Monday, October 14, 2024.
However, the Bank had to extend its initial timeline of service restoration, saying the transition was taking longer than anticipated.
During that period, customers of the Bank struggled to transact, many were frustrated as they could not withdraw their money in the bank.
In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.
Similarly, Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on certain domestic routes.
These inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113.
The Act empowers the FCCPC to investigate and resolve practices that undermine consumer rights, disrupt markets, or create unfair competition.
“The FCCPC’s engagement with these companies provides a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards.
“The companies will be required to appear before the Commission on designated days to provide information and responses to enable the Commission to make determinations and resolve pending issues promptly.
This action reflects the Commission’s commitment to safeguarding consumer rights, fostering a fair marketplace and ensuring accountability across all sectors,” the statement added.
The Commission urged consumers to continue to report instances of poor service delivery or exploitative practices to the FCCPC through its official channels.
0 Comments