The Federal Competition and Consumer Protection Commission (FCCPC) has announced its commitment to enforcing the Central Bank of Nigeria’s (CBN) draft guidelines requiring banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
To implement the policy effectively, the FCCPC said it will collaborate with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks miss the 48-hour deadline.
The policy aligns with findings from the FCCPC’s Consumer Complaints Data Report released in September 2025, which revealed that the banking and fintech sectors recorded the highest number of consumer complaints nationwide between March and August 2025.
The report documented over 3,000 banking-related cases, leading to the recovery of approximately N10 billion for customers across 30 sectors, highlighting persistent issues such as failed transactions, unauthorized deductions, and delayed refunds.
In a statement issued on Monday, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, described the proposal as “a timely and long-awaited correction to a persistent consumer challenge.”
He noted that even at the draft stage, the policy reflects stronger collaboration among regulatory agencies committed to consumer protection.
“It is consistent with what the FCCPC has been advocating, given the volume 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,” Bello added.
Tunji explained that the proposed directive aligns with 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, resolution of consumer complaints, protection of consumer interests across all sectors, and assurance that goods and services are safe for their intended use.
He emphasized the Commission’s advocacy for swift adoption and implementation of the directive, noting that early enforcement would bring immediate relief to consumers facing delayed or unresolved electronic transaction reversals.
According to him, timely adoption would also strengthen accountability in the banking sector and highlight a shared regulatory commitment to fairness, efficiency, and consumer confidence.
“To make the policy effective, the FCCPC will work with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks fail to meet the 48-hour deadline.
“The Commission maintains that closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria’s growing digital economy.
“Under the proposed directive, consumers with unresolved ATM or electronic transaction issues would first report to their banks or the CBN. If the issue remains unresolved, they would then be able to escalate,” Tunji stressed.
