The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its weight behind the Central Bank of Nigeria’s (CBN) draft guidelines that mandate banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
Ondaje Ijagwu, FCCPC Director of Corporate Affairs said the consumer protection agency welcomed the proposal, describing it as a major step toward resolving a persistent source of public frustration within the financial sector.
Tunji Bello, the Executive Vice Chairman and CEO of the FCCPC, hailed the CBN’s directive as “a timely and long-awaited correction to a persistent consumer challenge.”
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He noted that the move is “consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” and commended the CBN for taking a decisive step to ease the burden on consumers and rebuild trust in financial services.
Bello indicated that the draft guidelines follow the release of its own Consumer Complaints Data Report in September 2025.
This report, which covered March to August 2025, showed that the banking sector accounted for the highest number of complaints nationwide—over 3,000 cases—with issues like failed transactions, unauthorised deductions, and delayed refunds being common.
The report also highlighted that the Commission recovered approximately ₦10 billion for customers across 30 sectors during the period.
The Commission stressed that the CBN’s proposed directive aligns with several provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which aim to eliminate unfair practices and ensure effective consumer redress mechanisms.
To ensure the policy’s effectiveness, the FCCPC announced that it will collaborate with the CBN to establish a monitoring system that tracks banks’ adherence to the 48-hour deadline and ensures timely redress for violations.
The agency emphasised that this closer regulatory collaboration will lead to faster dispute resolutions and bolster confidence in Nigeria’s digital economy.
The FCCPC is advocating for the swift adoption and implementation of the directive, stating that early enforcement would provide immediate relief to consumers battling unresolved electronic transaction reversals and reinforce accountability within the banking sector.
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Under the new proposed process, consumers with unresolved ATM or electronic transaction issues must first lodge their complaints with their banks or the CBN.
Should the issue remain unresolved, the agency said the complaint can be escalated to the FCCPC via its Complaint Portal at complaints.fccpc.gov.ng, by email at [email protected], or by calling 0805 600 2020.
