FCCPC to scrutinise complaints against MTN, GTBank and Air Peace

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Recall how GTBank experienced disruptions during the migration to a new core banking system in October 2024? The network failures left customers unable to access funds or use digital banking services.

Well, it turns out the bank is now under scrutiny by the Federal Competition and Consumer Protection Commission (FCCPC) due to the complaints made by customers. 

FCCPC has initiated a thorough investigation into consumer complaints against GTBank and two other prominent Nigerian companies; telecom giant MTN Nigeria, and Air Peace Airline.

For MTN Nigeria, customers have reported issues related to undelivered data services, unexplained data depletion and inadequate customer support. 

GTBank on the other hand is being scrutinised for its network failures, although the challenges appear linked to the bank’s transition to a new core banking system which caused widespread disruptions.

Allegations against Air Peace include exploitative ticket pricing, particularly significant price increases for bookings on certain domestic routes. This has raised concerns about fairness in pricing strategies.

The FCCPC inquiry is grounded in the Federal Competition and Consumer Act (FCCPA) of 2018. The Act empowers the commission to investigate practices that may undermine consumer rights, create unfair competition, or disrupt market fairness.

The inquiries are scheduled to commence on December 3, 2024, for GTBank, December 4 for MTN, and December 5 for Air Peace. The inquiries are to seek clarifications, address consumer grievances, and enforce compliance with regulatory standards.

 



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