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The Federal Competition and Consumer Protection Commission (FCCPC) has applauded the Central Bank of Nigeria (CBN) for introducing a new 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 its Director of Corporate Affairs, Ondaje Ijagwu, the FCCPC described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a “timely and necessary intervention” that strengthens consumer protection in the nation’s financial services sector.
According to the Commission, the proposed regulation aligns with ongoing collaborative efforts to address recurring consumer challenges such as failed transactions, unauthorised deductions, and prolonged refund delays — issues that have consistently topped complaint charts in the financial industry.
The new guideline follows the FCCPC’s Consumer Complaints Data Report released in September 2025, which showed that the banking and fintech sectors accounted for the highest number of consumer grievances nationwide. Between March and August 2025 alone, over 3,000 complaints were recorded against banks, with the Commission facilitating the recovery of more than ₦10 billion for customers across 30 sectors.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, lauded the CBN’s initiative, describing it 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 further noted that the directive demonstrates growing synergy among regulatory bodies committed to safeguarding consumer interests and ensuring fair market practices.
The FCCPC also highlighted that the CBN’s proposal reinforces several provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which empower the Commission to eliminate unfair practices, promote fair dealings, and ensure prompt consumer redress.
Urging the swift adoption of the policy, the Commission emphasized that early enforcement would bring immediate relief to consumers and strengthen accountability within the banking sector.
“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 said it would collaborate with the CBN to develop a monitoring framework that tracks adherence to the 48-hour refund rule and ensures sanctions for defaulting institutions.
Under the proposed guidelines, customers facing unresolved ATM or electronic transaction issues are required to first report to their banks or the CBN. If unresolved, complaints can be escalated to the FCCPC via its Complaints Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or hotline (0805 600 2020).
With Nigeria’s digital payment ecosystem expanding to over 200 million cardholders, the FCCPC noted that this reform is critical to restoring public confidence amid persistent transaction failures and refund delays.
The CBN’s draft guidelines, released eight months after the revision of ATM fees, are expected to streamline service delivery, improve transaction reliability, and strengthen consumer trust. Stakeholders have been invited to submit feedback before the final policy is adopted, which could take effect before the end of the year.
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