By Emmanuel Ogbodo
The Federal Competition and Consumer Protection Commission (FCCPC), has launched an investigation into Guaranty Trust Bank (GTBank), and MTN Nigeria following numerous consumer complaints about poor service delivery, exploitative practices, and potential breaches of consumer rights.
In a statement issued by FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission announced that the inquiry, scheduled between December 3 and December 5, 2024, would require both companies to appear and address the allegations.
The FCCPC underscored its mandate to uphold consumer protection, promote fair competition, and ensure accountability.
GTBank has faced mounting criticism since transitioning to the Finacle core banking application.
Customers have reported missing funds, frequent service outages, and account balance discrepancies.
These issues have disrupted customers’ access to funds and other banking services, leading to significant public outcry.
The FCCPC is set to engage GTBank on these concerns and demand solutions to the persistent failures.
Similarly, MTN Nigeria is under scrutiny for poor internet service quality, rapid data depletion, and inadequate customer support.
Consumers have expressed dissatisfaction with the telecom giant’s inability to maintain reliable internet connectivity, which has disrupted online activities.
MTN’s financial struggles have exacerbated its challenges, including a ₦519.1 billion loss in the first half of 2024 due to forex instability and a ₦250 billion debt owed by Nigerian banks for USSD services.
MTN CEO Karl Toriola has recently called for increased data tariffs, warning that without intervention, the telecom sector could face systemic collapse.
The FCCPC’s inquiry is grounded in the Federal Competition and Consumer Protection Act (FCCPA), 2018, which empowers the commission to investigate unfair practices and protect consumer interests.
Consumers are encouraged to report instances of poor service or exploitative practices through FCCPC’s official channels.
The commission has pledged swift action to resolve complaints and enforce compliance with regulatory standards.
This investigation underscores the FCCPC’s commitment to ensuring a fair marketplace that prioritizes consumer satisfaction and corporate accountability.