The Federal Competition and Consumer Protection Commission (FCCPC) has urged deposit money banks to establish a service level agreement with other service providers to reduce financial technology-related challenges faced by customers.
According to NAN, the call was made by the Executive Vice Chairman of FCCPC, Mr Babatunde Irukera, on Tuesday in Abuja, where he said the Commission was currently insisting on the agreement.
What the Executive Vice Chairman of FCCPC is saying
Irukera frowned at the practice of banks literally leaving everything to customers to establish when something goes wrong.
He said, ”I personally have a problem with banks literally leaving everything to customers to establish when something goes wrong. We are working and it is part of the guidance documents that we will work on.
”Somebody wants to pay for something maybe an air ticket and the ticket is not issued because they say you didn’t make the payment, you have lost the ticket and the fare. In reality, the person did everything to pay and it showed that the fellow paid but the money was not remitted.
”Another instance is where DStv says that you didn’t pay but your account is showing that you paid. Consumers don’t choose the payment system that they desire. They go to their bank and the service provider chooses where they want their payment.
”In that ecosystem, they must have their service level agreement on how they do their reconciliations. That is the service level agreement that we are insisting must exist within the ecosystem.’’
What you should know
- FCCPC has been at the forefront of the fight against exploitation and unfair practices on consumers in various sectors like aviation, media, financial services, telecommunications, power and so on.
- In a related development, earlier in March, the commission as part of the measure to ensure better customer satisfaction, the Commission ordered Multichoice Nigeria to introduce an additional feature to allow subscribers to maintain the same subscription fee for a minimum of one year.
