The Federal Competition and Consumer Protection Commission (FCCPC) has endorsed the Central Bank of Nigeria’s (CBN) new draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
Gatekeepers News reports that the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, announced the commission’s position in a statement issued on Monday.
Ijagwu explained that the CBN’s move aligns with findings from the FCCPC’s Consumer Complaints Data Report released in September, which highlighted persistent issues with delayed or unresolved failed transactions.
According to him, the commission recorded over 3,000 complaints from the banking sector within six months, recovering more than ₦10 billion for consumers across 30 industries during that period.
The statement also quoted FCCPC Vice Chairman, Tunji Bello, who described the CBN’s policy as “a timely and long-awaited correction to a persistent consumer challenge.”
“It aligns with what the FCCPC has long advocated, given the volume of complaints we receive about failed transactions,” Bello said.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
The commission added that the proposed directive is consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which seeks to eliminate unfair practices and protect consumer interests across all sectors.
The CBN’s draft guideline, released earlier in October, directs banks to automatically refund customers within 48 hours after any failed electronic transaction — a move widely seen as a major relief for bank users frustrated by prolonged delays in refunds.
