In bid to strengthen compliance as well as protect consumers’ rights, the Federal Competition and Consumer Protection Commission (FCCPC) at the Weekend interfaced with the banking sector in Lagos.
According to the FCCPC X handle, the engagement is part of its sector-by-sector Roundtable Compliance Engagements, which foster dialogue for a fairer financial landscape.
“The key focus areas included empowering stakeholders with compliance knowledge, strengthening self-regulation and consumer protection, and addressing sector-specific challenges.
“There are now data protection laws in Nigeria, and financial institutions will be held liable when consumers’ data is compromised.
”There must be proper disposal of Know-Your-Customer (KYC) forms in order not to end up in the wrong hands.
”Some of the KYC forms are seen being used by roadside sellers to package food items to people; this is wrong,” it said.
The Commission stated that bank stakeholders were unable to meet the Central Bank of Nigeria (CBN) guidelines for failed transaction reversals due to varying resolution time-frames set by payment gateways.
A bank payment gateway is a technology platform that acts as an intermediary in electronic financial transactions.
FCCPC assured that “we are committed to building a stronger, more compliant market for all”.
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