FCCPC backs CBN’s 48hr refund rule for failed ATM transactions

By Olakunle Oke 

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for its proposed directive mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement issued on Monday and signed by the Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a “timely and long-awaited intervention” that aligns with ongoing efforts to protect consumers in the financial services sector.

The draft guidelines, released last week, follow the FCCPC’s Consumer Complaints Data Report published in September 2025, which revealed that the banking and fintech industries accounted for the highest volume of consumer complaints nationwide.

According to the report, over 3,000 complaints were recorded against banks between March and August 2025, with the Commission facilitating the recovery of more than ₦10 billion for consumers across 30 sectors. The findings identified recurring issues such as failed transactions, unauthorised deductions, and delayed refunds problems the new CBN policy aims to address.

Reacting to the development, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Dr. Tunji Bello, described the CBN’s 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,” Bello stated.

He noted that the initiative demonstrates improved coordination among regulatory agencies working to protect consumers, even at the draft stage.

The FCCPC added that the CBN’s proposed directive aligns with several provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, stressing that its timely adoption would reinforce accountability within the banking sector and demonstrate a shared commitment to fairness, efficiency, and consumer confidence.

To ensure compliance, the Commission said it would collaborate with the CBN to create a monitoring framework that tracks banks’ adherence to the 48-hour refund rule and ensures prompt redress when violations occur