The Federal Competition and Consumer Protection Commission (FCCPC) has applauded the Central Bank of Nigeria (CBN) for introducing a draft policy requiring all banks to refund customers within 48 hours for failed Automated Teller Machine (ATM) transactions.
The draft guideline, titled “Operations of Automated Teller Machines in Nigeria,” was released shortly after the FCCPC’s Consumer Complaints Data Report for March to August 2025, which revealed that the banking and fintech sectors recorded the highest number of consumer grievances. The report documented over 3,000 banking-related complaints, leading to the recovery of approximately N10 billion for customers across 30 sectors.
According to the FCCPC, the new CBN guideline addresses recurring issues such as failed transactions, unauthorised deductions, and delayed refunds, all major pain points for consumers.
In a statement signed by Mr Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, the commission described the move as “a timely and long-awaited correction to a persistent consumer challenge.”
“It is consistent with what the FCCPC has been advocating, given the volume of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” Mr Bello said.
He noted that the proposed guideline reflects stronger cooperation between regulatory agencies working to protect Nigerian consumers.
The FCCPC further noted that the directive aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which prohibit unfair practices, promote fair dealings, and safeguard consumer interests across all sectors.
The Commission urged the prompt adoption and enforcement of the directive, arguing that swift implementation would offer immediate relief to customers facing unresolved electronic payment reversals. It would also reinforce accountability within the banking industry and demonstrate shared regulatory commitment to fairness and transparency.
To ensure full compliance, the FCCPC said it would collaborate with the CBN to create systems for monitoring adherence and providing redress where banks default on the 48-hour refund rule.
Consumers with unresolved ATM or electronic transaction issues are advised to first report to their respective banks or the CBN. If unresolved, the complaints can be escalated to the FCCPC via its portal — complaints.fccpc.gov.ng, email (contact@fccpc.gov.ng), or telephone (0805 600 2020).