Fintech: Consumer Commission wants agreement between banks, service providers

The Federal Competition and Consumer Protection Commission (FCCPC) has called on banks to establish a service level agreement with other service providers to reduce financial technology-related challenges faced by customers.

Mr. Babatunde Irukera, FCCPC Executive Vice Chairman, who made the call in Abuja on Tuesday, said the Commission was currently insisting on the agreement.

“I personally have a problem with banks literally leaving everything to customers to establish when something goes wrong. We are working and it is part of the guidance documents that we will work on.

“Somebody wants to pay for something maybe an air ticket and the ticket is not issued because they say you didn’t make the payment, you have lost the ticket and the fare.

“In reality, the person did everything to pay and it showed that the fellow paid but the money was not remitted.

“Another instance is where DSTV says that you didn’t pay but your account is showing that you paid.

“Consumers don’t choose the payment system that they desire. They go to their bank and the service provider chooses where they want their payment.

“In that ecosystem, they must have their service level agreement on how they do their reconciliations.

“That is the service level agreement that we are insisting must exist within the ecosystem,” he said.

He called for improved partnership with the media to promote consumer rights in the country.