The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines that require all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
The exposure of the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria comes after the FCCPC’s Consumer Complaints Data Report, which was published in September 2025. The report, covering March to August 2025, revealed that the banking and fintech sectors recorded the highest number of consumer complaints in the country, with over 3,000 cases from the banking sector alone. The report also showed that about ₦10 billion was recovered for customers across 30 sectors.
The findings highlighted recurring issues including failed transactions, unauthorised deductions, and delayed refunds. These are the major problems the CBN’s new draft guidelines aim to fix.
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 explained that the move represents a significant alignment between regulatory bodies that are focused on protecting Nigerian 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,” he stated.
According to the Commission, the proposed directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17(g), (h), (l), (s), and (t). These sections mandate the elimination of unfair practices, the promotion of fair dealings, the resolution of consumer complaints, and the protection of consumer interests in all sectors. They also call for ensuring that goods and services provided are safe and reliable.
The FCCPC further called for the quick adoption and implementation of the CBN’s directive, saying that immediate enforcement would bring relief to consumers who are still dealing with delayed or unresolved electronic transaction reversals.
The Commission added that early enforcement will promote accountability within the banking industry and demonstrate a unified regulatory commitment to fairness, efficiency, and consumer confidence.
To make the new policy effective, the FCCPC said it would collaborate with the CBN to build a monitoring system that ensures compliance and provides timely redress when banks fail to meet the 48-hour refund requirement.
The Commission emphasized that closer cooperation among regulators will help resolve consumer issues faster, prevent similar cases in the future, and boost public trust in Nigeria’s digital financial system.
Under the draft guidelines, consumers facing unresolved ATM or electronic transaction issues are expected to first report to their banks or the CBN. If their cases remain unresolved, they can escalate complaints 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.