The Federal Competition and Consumer Protection Commission (FCCPC) has reiterated the critical importance of safeguarding consumer data and warned financial institutions that they will be held accountable for any breaches of customer information. This declaration forms part of the agency’s broader efforts to enforce compliance and protect consumer rights within Nigeria’s financial sector.
In a statement posted on its official X account on Friday, the FCCPC explained that a recent roundtable discussion aimed to equip banking stakeholders with essential compliance knowledge, strengthen self-regulation, and tackle industry-specific challenges. The Commission emphasized that with data protection laws now in place, any mishandling of consumers’ information will have consequences.
The FCCPC also raised serious concerns about the improper disposal of Know-Your-Customer (KYC) forms, pointing out that careless handling of these sensitive documents jeopardizes consumer privacy. “There must be proper disposal of Know-Your-Customer (KYC) forms in order not to end up in the wrong hands,” the agency warned, noting that some KYC forms have been misused by roadside sellers to package food items—a practice it condemned.
Addressing further challenges, the FCCPC highlighted issues with banks failing to meet the Central Bank of Nigeria (CBN) guidelines for reversing failed transactions. The Commission noted that discrepancies in resolution timeframes among various payment gateways are causing delays in transaction reversals, which in turn frustrate customers and undermine confidence in the financial system.
Reaffirming its stance, the FCCPC pledged to ensure full compliance across the financial sector, engaging continuously with financial institutions to enforce regulations that uphold transparency and best practices. This renewed focus on consumer data protection comes in response to a spate of significant data breaches and service disruptions that have affected consumers and raised serious questions about the security protocols of Nigerian banks.
