The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines mandating all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
It described the move as a major relief for bank customers and a significant milestone in consumer protection.
The CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released shortly after the FCCPC published its Consumer Complaints Data Report for March to August 2025.
The report revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide, with over 3,000 banking-related cases and approximately ₦10 billion recovered for customers across 30 sectors.
According to the report, recurring issues such as failed transactions, unauthorised deductions, and delayed refunds were among the top grievances lodged by consumers — challenges the new CBN guidelines directly aim to resolve.
The Executive Vice Chairman/Chief Executive Officer of the FCCPC, Mr. Tunji Bello, lauded the CBN’s action as “a timely and long-awaited correction to a persistent consumer challenge.”
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” Mr. Bello stated.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
The Commission noted that the proposed directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t).
These provisions, he said, empower the FCCPC to eliminate unfair practices, promote fair dealings, ensure effective complaint resolution, and safeguard consumer interests across all sectors.
The FCCPC further urged the prompt adoption and implementation of the guidelines, stressing that early enforcement would provide immediate relief to consumers and strengthen accountability within Nigeria’s banking sector.
“Timely implementation will demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence,” the Commission stated.
To ensure effective compliance, the FCCPC announced plans to collaborate closely with the CBN in setting up monitoring systems that will track bank adherence to the 48-hour refund rule and guarantee swift redress where breaches occur.
Under the proposed directive, consumers experiencing unresolved ATM or electronic transaction issues must first report to their respective banks or the CBN. If the issue remains unresolved, they may escalate the complaint to the FCCPC via the Complaint Portal at complaints.fccpc.gov.ng, by email at contact@fccpc.gov.ng, or by calling 0805 600 2020.
The FCCPC reaffirmed its commitment to ensuring that Nigerian consumers receive fair treatment and timely redress, particularly in the fast-growing digital financial services sector
