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FCCPC to probe Kuda following arrest of corper over blocked account

FCCPC to probe Kuda following arrest of corper over blocked account

The Federal Competitor and Consumer Protection Commission (FCCPC) has waded into the arrest of a youth corper, Olakunle AbdulGafar, by Kuda, which allegedly breaches Central Bank of Nigeria (CBN) regulation.

Ripples Nigeria had reported that AbdulGafar visited Kuda’s branch to enquire why his account was locked after transferring over N577,000 from his Point of Sale (PoS) operational account.

In a video seen by this publication, AbdulGafar was being arrested by the Police and was said to have been detained, with his father denied access to him, his brother, Jamiu told our correspondent.

During a conversation with FCCPC Head, Public Relations, Ondaje Ijagwu, the commission said it won’t condone dehumanisation of customer by a company.

Read also: FCCPC says only Presidential directive can change DSTV, GOTV price hike

He told Ripples Nigeria that an investigation would be launched into the arrest of AbdulGafar by Kuda, and the public would be carried along on the findings.

The arrest of AbdulGafar by Kuda allegedly contravenes the CBN Customer Protection Regulation, which excludes use of intimidation by Police upon an account holder’s complaint.

CBN directed financial institutions to use their email, telephone lines, digital software products and social media, as well as use an Internal Dispute Resolution (IDR), headed by the firm’s Executive Compliance Officer to resolve the complaint.

Financial institutions are compelled to send a Summary Resolution Communication to the aggrieved customer detailing reason certain decisions were taken as it relates to their account.

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Source: Culled From Ripples Nigeria.

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