Bank Customers Demand Compensation for Losses Due to Unstable Online Networks

Customers of various banks are urging financial institutions to compensate them for significant losses incurred as a result of unstable online networks. Speaking to the News Agency of Nigeria in Abuja on Wednesday, several customers reported losing millions of naira due to their inability to conduct timely online transactions.

Mr. Gbenga Akintoye, a customer of Guaranty Trust Bank (GTB), shared a distressing experience where a failed money transfer caused embarrassment for his family during a trip to Silverbird Galleria in Abuja. “I told my wife I would transfer some money to her account before they got there, but the transfer did not go through. My wife and children spent the day frustrated and humiliated; who pays for that?” he lamented.

Another GTB customer, Mrs. Happiness Itua, recounted how the bank’s poor network resulted in a N5,000 fine for delayed payment of her contribution. “I usually pay my contributions as soon as I receive my salary, but this time, the app wasn’t working. GTB should reimburse me,” she demanded.

Mrs. Amina Babangida, a customer of Zenith Bank, reported that network issues during a system upgrade made it difficult for her to pay utility bills, leading to spoilage of her frozen goods. Similarly, Ms. Nkechi Udeke, a Sterling Bank customer, noted ongoing network fluctuations since September that caused her to lose money in her business due to unsuccessful transactions.

Prof. Uche Uwaleke, a financial expert and former chairman of the Chartered Institute of Bankers of Nigeria (CIBN), stated that customers who incurred financial losses due to bank errors should be compensated, provided the losses can be substantiated.

The Central Bank of Nigeria (CBN) has advised customers to file complaints with their banks and allow two weeks for resolution before escalating the issue to the Consumer Protection Department (CPD). Customers can reach the CPD via email or phone for assistance.

A banker, who chose to remain anonymous, expressed regret over the customers’ losses but emphasized that the network upgrade was intended to enhance the security of customer funds.