The Federal Competition and Consumer Protection Commission (FCCPC) says it has engaged banks and its stakeholders to foster dialogue for a fairer financial landscape......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Commission, on its official X handle, said the engagement was part of its sector by sector roundtable compliance drive.
The FCCPC said the engagement was to empower bank stakeholders with compliance knowledge.
It said the move was also to strengthen self-regulation and consumer protection and address sector-specific challenges.
The Commission said that issues that bothered on customers’ data protection were also discussed with the bank stakeholders at the event.
”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 other 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 timeframes set by payment gateways.
A bank payment gateway is a technology platform that acts as an intermediary in electronic financial transactions.
The Commission reaffirmed its commitment to building a stronger and more compliant market for all.