FCCPC hails CBN’s plan to tackle ATM failures, delayed refunds

The Federal Competition and Consumer Protection Commission (FCCPC) has praised the Central Bank of Nigeria’s (CBN) draft directive mandating all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement issued Monday and signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the CBN’s proposed guideline as a “timely and long-overdue intervention” that directly addresses long-standing consumer complaints in the banking sector.

The CBN’s draft guidelines, released last week, come shortly after the FCCPC published its Consumer Complaints Data Report (March–August 2025), which revealed that the banking and fintech sectors accounted for the highest volume of complaints nationwide, over 3,000 complaints involving failed transactions, unauthorized deductions, and refund delays.

According to the FCCPC, over ₦10 billion was recovered for consumers across 30 sectors within that period. The Commission said the CBN’s proposed rules align with several provisions of the Federal Competition and Consumer Protection Act 2018, especially those aimed at promoting fair practices, safeguarding consumer interests, and ensuring reliable service delivery.

FCCPC Executive Vice Chairman, Tunji Bello, lauded the CBN’s move as “a decisive step that will ease the burden on consumers and rebuild trust in financial services.”

Bello noted that the guideline reflects growing collaboration between regulatory bodies and demonstrates shared commitment to consumer protection, especially in the face of increasing dependence on electronic payments.

To ensure compliance, the FCCPC announced plans to work with the CBN to establish a monitoring and enforcement framework, ensuring banks adhere strictly to the 48-hour refund rule. Consumers dissatisfied with banks’ handling of failed transactions will also be able to escalate cases to the FCCPC through its Complaints Portal (complaints.fccpc.gov.ng), email, or hotline.

The FCCPC stressed that early adoption of the guidelines will offer immediate relief to affected customers and enhance confidence in Nigeria’s digital economy, which now includes over 200 million cardholders.

Stakeholders are invited to submit feedback before the final adoption of the guidelines, which could take effect before the end of the year.