The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate banks to refund customers for failed Automated Teller Machine (ATM) and electronic transactions within 48 hours.
The FCCPC described the initiative as a major victory for Nigerian consumers, noting that it aligns with long-standing calls for stronger protection against failed or delayed transaction reversals.
The draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released shortly after the FCCPC published its Consumer Complaints Data Report (March–August 2025), which showed that the banking and fintech sectors recorded the highest number of complaints nationwide over 3,000 cases in banking alone — with about ₦10 billion recovered for customers across 30 sectors.
Frequent complaints included failed transactions, unauthorised deductions, and delayed refunds issues the CBN’s new policy aims to address.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, lauded the CBN for taking a “timely and long-awaited corrective step” that would ease consumers’ frustrations.
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” Bello said. “We commend the CBN for this decisive move, which will ease the burden on consumers and rebuild trust in financial services.”
The Commission noted that the proposed guidelines are consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly provisions that mandate the elimination of unfair practices and the protection of consumer interests.
The FCCPC urged the swift adoption and enforcement of the policy, saying it would provide immediate relief to customers and enhance accountability in the banking sector.
To ensure compliance, the FCCPC said it will work with the CBN to establish a monitoring framework and redress mechanism for banks that fail to process refunds within the stipulated timeframe.
Consumers were also reminded to first report unresolved transaction issues to their banks or the CBN, and, if still unresolved, escalate complaints to the FCCPC through its complaint portal, email, or phone channels.
According to the FCCPC, closer regulatory collaboration will improve dispute resolution and strengthen consumer confidence in Nigeria’s growing digital financial ecosystem.
