Reported by: Ime Richard Aondofa | Edited by: Henry Owen
Abuja, Monday, October 13, 2025 — The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) new draft guideline mandating all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
The CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released following the FCCPC’s Consumer Complaints Data Report, published in September 2025. That report, covering March to August 2025, revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide — over 3,000 banking-related cases, with approximately ₦10 billion recovered for consumers across 30 sectors.
The data underscored recurring issues such as failed transactions, unauthorised deductions, and delayed refunds — problems that the new CBN draft directive aims squarely to resolve.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the CBN’s proposal as “a timely and long-awaited correction to a persistent consumer challenge.” He emphasized that, even at the draft stage, the initiative reflects a stronger alignment between regulatory bodies dedicated to protecting 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 said.
The Commission further noted 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 sections mandate regulators to eliminate unfair practices, promote fair dealings, resolve consumer complaints, and protect consumer interests across all sectors while ensuring that goods and services are safe and reliable.
The FCCPC has called for the prompt adoption and implementation of the CBN’s proposed policy, stating that early enforcement would offer immediate relief to consumers and reinforce accountability and trust within the financial system.
To ensure smooth implementation, the FCCPC will collaborate with the CBN to monitor compliance and ensure banks adhere strictly to the 48-hour refund rule. The Commission also pledged to create stronger systems for redress, noting that regulatory cooperation is vital to reducing disputes, improving service quality, and strengthening consumer confidence in Nigeria’s digital financial space.
Under the proposed framework, consumers with unresolved ATM or electronic transaction issues must first report to their banks or the CBN. If unresolved, complaints can be escalated to the FCCPC through the Complaint Portal at complaints.fccpc.gov.ng, via email at contact@fccpc.gov.ng, or by calling 0805 600 2020.
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