The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines requiring all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
To make the policy effective, the FCCPC said it would work with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks fail to meet the 48-hour deadline.
Director, Corporate Affairs of the commission, Ondaje Ijagwu, stated in Abuja yesterday that the draft guidelines follow the FCCPC’s Consumer Complaints Data Report published in September 2025.
According to him, the report, which covered the period from March to August 2025, showed that the banking and fintech sectors accounted for the highest number of complaints nationwide, over 3,000 cases in banking alone, with about N10 billion recovered for customers across 30 sectors.
The findings highlighted recurring issues such as failed transactions, unauthorised deductions, and delayed refunds, all of which the CBN draft guidelines seek to address.
He added that the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, described the proposal as “a timely and long-awaited correction to a persistent consumer challenge.” He also noted that, even at the draft stage, it demonstrated stronger alignment between regulatory agencies committed to consumer protection.
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