By Nkechi Eze
The Federal Competition and Consumer Protection Commission (FCCPC) has applauded the Central Bank of Nigeria (CBN) for its new draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours, describing the move as a significant relief for millions of Nigerian banking consumers.
In an official statement issued on Monday, October 13, 2025, the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, explained that 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 in September 2025.
The report, which covered the period from March to August 2025, revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide over 3,000 cases in the banking sector alone. According to Ijagwu, the Commission’s interventions within the same period resulted in the recovery of about ₦10 billion for consumers across 30 sectors. The data, she noted, highlighted persistent issues such as failed transactions, unauthorized deductions, and delayed refunds, all of which the CBN’s new draft guidelines aim to resolve.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, hailed the CBN’s initiative as a “timely and long-awaited correction to a persistent consumer challenge,” noting that the policy reflects stronger synergy between regulatory agencies committed to protecting consumer rights.
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” Bello said. “We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
The FCCPC emphasized that the proposed CBN directive aligns fully with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of fair dealings, resolution of consumer complaints, and protection of consumer interests across all sectors.
The Commission further urged the prompt adoption and implementation of the draft directive, stressing that its early enforcement would offer immediate relief to customers still facing unresolved or delayed electronic transaction reversals. According to the FCCPC, the policy would also strengthen accountability in the banking industry and reinforce public confidence in Nigeria’s growing digital economy.
To ensure the effectiveness of the initiative, the Commission said it would work closely with the CBN to develop mechanisms for monitoring compliance and enforcing timely redress whenever banks fail to meet the 48-hour refund requirement. “Closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and enhance consumer confidence in financial systems,” the Commission stated.
Under the proposed framework, consumers experiencing unresolved ATM or electronic transaction issues are expected to first lodge complaints with their banks or the CBN. Should the matter remain unresolved, the consumer can escalate the issue to the FCCPC via its online Complaint Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or telephone (0805 600 2020).
The FCCPC reaffirmed its readiness to support the CBN in ensuring that Nigerian consumers enjoy transparent, efficient, and fair banking services, while reiterating that the new 48-hour refund policy once implemented will mark a major step forward in safeguarding consumer rights and restoring trust in the nation’s financial system.
