From Victor Osula, Abuja
The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for proposing a 48-hour refund policy for failed Automated Teller Machine (ATM) transactions, describing it as a major relief for Nigerian bank customers.
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 for March to August 2025. The report revealed that the banking and fintech sectors recorded the highest volume of consumer complaints, with over 3,000 banking-related cases and N10 billion recovered for consumers across 30 sectors.
Recurring issues such as failed transactions, unauthorised deductions, and delayed refunds topped the list of consumer grievances — problems the new CBN draft guidelines seek to tackle.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, lauded the CBN’s initiative, calling it “a timely and long-awaited correction to a persistent consumer challenge.” He said the measure reflects stronger alignment between regulators committed to consumer protection.
“It is consistent with what the FCCPC has been advocating, given the number 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.
The Commission emphasised that the proposed policy aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, especially provisions promoting fair dealing, prompt resolution of consumer complaints, and protection against unfair practices.
FCCPC urged the CBN to adopt and implement the guidelines without delay, saying early enforcement would provide immediate relief for consumers and enhance accountability in the financial sector. The Commission added that it would collaborate with the CBN to monitor compliance and ensure banks adhere to the 48-hour refund rule.
Under the proposal, customers with unresolved ATM or electronic transaction issues must first lodge complaints with their banks or the CBN. If unresolved, they may escalate the matter to the FCCPC through its Complaint Portal (complaints.fccpc.gov.ng), by email (contact@fccpc.gov.ng), or by calling 0805 600 2020.
