Banking, Fintech top consumer complaints as FCCPC recovers N10bn

The Federal Competition and Consumer Protection Commission (FCCPC) says banking and fintech services topped user complaints successful Nigeria betwixt March and August.

The Commission besides said that it recovered implicit N10 cardinal for aggrieved customers.

The Commission disclosed successful a connection by Mr Ondaje Ijagwu, its Director of Corporate Affairs connected Thursday successful Lagos that it received complaints crossed 30 sectors.

It said the banking recorded 3,173 complaints starring the list, followed by fast-moving user goods with1,543, fintech had 1,442, and energy with 458 cases.

Other cardinal sectors included e-commerce (412), telecommunications (409), retail/wholesale (329), aviation (243), IT (131), and roadworthy transport/logistics (114).

It added that during the play nether review, 9,091 cases were resolved, reflecting the Commission’s expanding relation successful protecting user rights.

“This information covers user grievances ranging from unfair charges, work failure, unauthorised deductions, deceptive marketing, mediocre disclosure of terms, merchandise defects, and nonaccomplishment to supply redress wrong acceptable timelines.

“The full fig of complaints resolved during the reporting play was 9091, portion full recoveries for consumers exceeded N10 cardinal (Ten Billion Naira), reflecting some the standard of harm experienced and the important fiscal load borne by consumers successful the lack of effectual redress.

“The work of sector-specific ailment information aligns with the Commission’s mandate nether Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce user extortion laws and marque accusation connected its functions disposable to the public.

It said that the study showed that banking and fintech complaints accounted for the largest fiscal impact, with issues ranging from indebtedness deductions, unfair charges, and transaction disputes.

It added that energy assemblage complaints reflected persistant billing disputes and mediocre work delivery, portion e-commerce grievances, though little successful value, underscored the frequence of problems with refunds, deliveries, and counterfeit goods.

It noted that the spike successful integer lending and microfinance-related disputes aligns with its caller regulations to curb abuses successful the integer lending sector.

The committee said it would proceed to intensify its monitoring, enforcement, and collaboration with regulators, particularly successful fiscal services and utilities, wherever user vulnerabilities stay high.

It besides consumers are urged to proceed reporting complaints done the FCCPC portal: complaints.fccpc.gov.ng, arsenic each study immunodeficiency successful identifying systemic problems and enforcing compliance.

Commenting connected the findings, Executive Vice Chairman/Chief Executive Officer of the FCCPC, Mr Tunji Bello, said the figures item the regular struggles faced by Nigerians successful indispensable services.

He said, “These numbers are not conscionable statistics; they archer the communicative of user frustration, and the regular challenges Nigerians look successful indispensable services.

“However, the FCCPC is determined to clasp businesses accountable, guarantee compliance with the FCCPA, and beforehand just marketplace practices that support the payment of each consumers

The station Banking, Fintech apical user complaints arsenic FCCPC recovers N10bn appeared archetypal connected Vanguard News.