FCCPC commends CBN’s 48-hour refund policy for failed ATM transactions

…pledges joint monitoring for compliance

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, the Commission described the CBN’s move as a major step toward strengthening consumer protection and accountability in Nigeria’s banking system.

According to the FCCPC, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released shortly after the Commission published its Consumer Complaints Data Report in September 2025.

The report, covering the period from March to August 2025, revealed that the banking and fintech sectors recorded the highest number of consumer complaints nationwide, over 3,000 in banking alone, with about ₦10 billion recovered for customers across 30 sectors.

The findings identified recurring consumer grievances, including failed transactions, unauthorised deductions, and delayed refunds, issues the new CBN guidelines are designed to address.

Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, described the proposed directive as “a timely and long-awaited correction to a persistent consumer challenge.”

“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.

The Commission emphasized that the proposed refund directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of fair dealings, and protection of consumer interests across all sectors.

It urged the prompt adoption and enforcement of the new policy, stressing that early implementation would provide immediate relief to consumers while reinforcing accountability within the banking sector.

To ensure the effectiveness of the policy, the FCCPC announced plans to collaborate with the CBN in setting up systems to monitor compliance and ensure timely redress when banks fail to meet the 48-hour refund deadline.

The Commission further advised consumers with unresolved ATM or electronic transaction issues to first report such cases to their banks or the CBN. Where the issue remains unresolved, complaints can be escalated to the FCCPC through its online porta.

According to the FCCPC, sustained cooperation among regulatory agencies will lead to faster resolutions, prevent recurrence of consumer grievances, and strengthen public confidence in Nigeria’s growing digital economy.