The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for its proposed directive requiring all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
The CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, released last week, follow the FCCPC’s Consumer Complaints Data Report published in September 2025, which revealed that the banking and fintech sectors accounted for the highest volume of consumer complaints nationwide.
In a statement issued on Monday, the Director of Corporate Affairs of the FCCPC, Ondaje Ijagwu, described the CBN’s draft policy as “a timely and long-awaited intervention” that aligns with ongoing efforts to protect consumers in the financial services sector.
The Federal Competition and Consumer Protection Commission welcomes the Central Bank of Nigeria’s draft guidelines requiring all banks to refund customers for failed Automated Teller Machine transactions within 48 hours,” the Commission stated.
The FCCPC report showed that over 3,000 complaints were lodged against banks between March and August 2025, leading to the recovery of more than ₦10 billion for consumers across 30 sectors. The findings highlighted recurring issues such as failed transactions, unauthorised deductions, and prolonged refund delays — challenges the CBN’s proposed rule seeks to address.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the initiative 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 said.
He further noted that the measure demonstrates improved coordination among regulatory agencies committed to consumer welfare, even at the draft stage.
According to the FCCPC, the CBN’s proposed directive aligns with provisions of the Federal Competition and Consumer Protection Act, 2018, particularly Sections 17(g), (h), (l), (s), and (t), which empower the Commission to eliminate unfair practices, promote fair dealings, resolve consumer complaints, and ensure safety and reliability in the delivery of goods and services in Nigeria.
The Commission urged the prompt adoption and implementation of the CBN’s proposal, stressing that early enforcement would provide immediate relief to consumers still facing unresolved transaction reversals.
“Timely adoption would reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence,” the statement added.
To ensure compliance, the FCCPC announced plans to collaborate with the CBN to establish a monitoring framework that will track banks’ adherence to the 48-hour refund rule and guarantee prompt redress for consumers when violations occur.
The Commission reiterated that closer collaboration among financial regulators would help promote faster dispute resolution, reduce recurrence of consumer grievances, and bolster confidence in Nigeria’s growing digital economy.
