The Federal Competition and Consumer Protection Commission (FCCPC) has expressed support for 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.
To ensure effective implementation, the FCCPC said it would collaborate with the apex bank to set up a compliance and monitoring framework that guarantees prompt redress when financial institutions default on the directive.
The Commission’s Director of Corporate Affairs, Ondaje Ijagwu, disclosed this yesterday in Abuja, noting that the CBN’s move aligns with data from the FCCPC’s Consumer Complaints Report released in September 2025.
According to Ijagwu, the report—covering March to August 2025—showed that the banking and fintech sectors recorded the highest volume of consumer complaints, with more than 3,000 cases in banking alone and over ₦10 billion recovered for consumers across 30 sectors.
He explained that the recurring issues included failed transactions, unauthorised deductions, and delayed refunds, which the new CBN draft guidelines aim to address.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, described the CBN’s proposal as “a timely and long-awaited correction to a persistent consumer challenge.”
Bello added that even at the draft stage, the initiative reflects stronger inter-agency coordination and a renewed commitment to consumer protection and financial accountability.
