The Federal Competition and Consumer Protection Commission (FCCPC) has expressed strong support for the Central Bank of Nigeria’s (CBN) newly proposed directive mandating commercial banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
In a statement issued on Monday and signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the policy as a “timely and long-overdue step” towards strengthening consumer protection in Nigeria’s financial sector.
According to the FCCPC, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria align with the Commission’s ongoing efforts to address widespread consumer complaints about failed electronic transactions and delayed reversals.
The CBN’s draft policy follows the FCCPC’s Consumer Complaints Data Report released in September 2025, which revealed that banks and fintech firms accounted for the highest number of consumer grievances across the country.
Between March and August 2025, the FCCPC recorded over 3,000 complaints against banks and facilitated the recovery of more than ₦10 billion for consumers across 30 sectors.
“The report highlighted persistent issues such as failed transactions, unauthorised deductions, and refund delays—exactly the problems the CBN’s new directive is designed to tackle,” the statement read.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, commended the CBN for what he called “a long-awaited correction to a recurring consumer hardship.”
“This policy is consistent with the FCCPC’s advocacy over the years. The 48-hour refund rule will significantly reduce consumer stress and restore trust in the banking system,” Bello said, adding that the move reflects improved coordination between regulatory agencies committed to consumer welfare.
The Commission further noted that the directive aligns with several provisions of the Federal Competition and Consumer Protection Act 2018, particularly Sections 17(g), (h), (l), (s), and (t), which empower the FCCPC to eliminate unfair practices, ensure resolution of consumer complaints, and safeguard consumer interests.
The FCCPC urged prompt adoption of the CBN’s proposal, stressing that immediate implementation would bring quick relief to customers still struggling with unresolved electronic transaction issues.
“Timely enforcement will reinforce accountability within the banking sector and strengthen consumer confidence in digital financial services,” the Commission stated.
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To ensure compliance, the FCCPC said it would partner with the CBN to establish a monitoring system that tracks banks’ adherence to the refund rule and ensures timely redress where violations occur.
The Commission advised consumers with unresolved ATM or electronic transaction complaints to first contact their banks, and if not resolved, escalate their grievances to the FCCPC through its Complaints Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or hotline (0805 600 2020).
Nigeria’s electronic payment ecosystem, which now serves over 200 million cardholders, continues to face challenges ranging from network disruptions to refund delays.
The new guidelines, introduced eight months after the last review of ATM fees, are expected to enhance transaction reliability, strengthen consumer trust, and improve overall banking efficiency.
Stakeholders have been invited to submit their feedback on the proposed policy ahead of its anticipated adoption before the end of the year.