The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its full support behind the Central Bank of Nigeria’s (CBN) draft guidelines mandating all banks to refund customers within 48 hours in cases of failed Automated Teller Machine (ATM) transactions.
In a statement by its Director of Corporate Affairs, Ondaje Ijagu, the FCCPC said the CBN’s exposure draft on the Operations of Automated Teller Machines (ATM) in Nigeria followed findings from its Consumer Complaints Data Report published in August 2025.
According to the report, the banking and fintech sectors recorded the highest number of complaints nationwide, accounting for more than 3,000 cases in banking alone, with about N10 billion recovered for customers across 30 sectors.
The report highlighted persistent consumer challenges such as failed transactions, unauthorized deductions, and delayed refunds, all of which the new CBN draft guidelines aim to address.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, described the CBN’s move as “a timely and long-awaited correction” to one of the most frequent complaints among Nigerian consumers.
“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 stated.
The FCCPC further emphasized that the proposed directive aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t). These provisions mandate the elimination of unfair practices, promotion of fair dealings, resolution of consumer complaints, and protection of consumer interests across all sectors.
The Commission also urged the prompt adoption and implementation of the new policy, noting that early enforcement would provide immediate relief to bank customers while promoting accountability within the financial sector.
“To make the policy effective, the FCCPC will collaborate with the CBN to monitor compliance and ensure timely redress whenever banks fail to meet the 48-hour deadline,” Bello added. “Closer regulatory cooperation will foster faster resolutions, prevent future occurrences, and strengthen consumer confidence in Nigeria’s growing digital economy.”
Under the draft guidelines, consumers experiencing unresolved ATM or electronic transaction issues are first expected to report to their respective banks or the CBN. If their issues remain unresolved, they can escalate complaints to the FCCPC via its Complaint Portal (complaints.fccpc.gov.ng), by email at contact@fccpc.gov.ng, or through the hotline 0805 600 2020.
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