The Federal Competition and Consumer Protection Commission (FCCPC) has expressed strong support for the Central Bank of Nigeria’s (CBN) newly released draft guidelines mandating all financial institutions to refund customers for failed Automated Teller Machine (ATM) and electronic transactions within 48 hours.
The Commission described the move as a “timely and long-awaited correction” that will bring relief to millions of Nigerian banking customers frustrated by delays and unresolved electronic transaction failures.
In a statement issued by Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC, the Commission stated that the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria followed recent consumer data released by the FCCPC.
According to the Commission’s Consumer Complaints Data Report published in September 2025, the banking and fintech sectors recorded the highest volume of consumer complaints, with over 3,000 banking-related cases and ₦10 billion recovered for consumers across 30 different sectors between March and August 2025.
Ijagwu noted that the report revealed recurring issues such as failed transactions, unauthorized deductions, and delayed refunds, which have been persistent pain points for consumers nationwide. The newly proposed CBN guidelines, he said, address these recurring concerns directly.
“A Bold Step in the Right Direction” — FCCPC Boss
Reacting to the development, the Executive Vice Chairman/Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the policy as a “bold and commendable step” toward improving consumer trust in Nigeria’s financial system.
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” Bello said. “We commend the CBN for this decisive move, which will ease the burden on consumers and rebuild confidence in the banking sector.”
Bello emphasized that even at the draft stage, the new policy demonstrates stronger alignment between regulatory agencies working together to promote consumer protection, fairness, and accountability in the financial services ecosystem.
He noted that the Commission’s advocacy for swift resolution of consumer issues has been guided by the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t). These provisions empower the FCCPC to eliminate unfair business practices, promote fair dealings, ensure timely complaint resolution, and protect consumer interests across all sectors of the economy.
Strengthening Consumer Confidence in the Digital Economy
The FCCPC said the prompt adoption and enforcement of the CBN’s directive would not only deliver immediate relief to affected consumers but also enhance public confidence in Nigeria’s digital financial ecosystem.
“This proposed 48-hour refund guideline represents more than just a policy adjustment; it is a strong statement about fairness, efficiency, and respect for consumers’ rights,” the statement added.
To ensure the success of the initiative, the FCCPC revealed plans to collaborate closely with the CBN to develop monitoring and enforcement mechanisms that will hold banks accountable when they fail to comply with the refund timeline.
The Commission believes that closer inter-agency collaboration will lead to faster dispute resolution, reduce repeat complaints, and strengthen Nigeria’s consumer confidence in financial technology and digital banking operations.
How Consumers Can Report Complaints
Under the proposed directive, customers who experience unresolved ATM or electronic transaction issues are required to first report to their banks and, if unresolved, escalate the complaint to the CBN.
If the issue persists, consumers can file complaints directly to the FCCPC via:
- FCCPC Complaint Portal: http://complaints.fccpc.gov.ng
- Email: contact@fccpc.gov.ng
- Phone: 0805 600 2020
The FCCPC reassured the public of its continued commitment to protecting consumers from unfair business practices, promoting transparency and accountability, and ensuring that Nigeria’s financial services sector remains responsive, reliable, and customer-centered.
Background Context
For years, Nigerian bank customers have voiced frustration over failed ATM withdrawals, unauthorized charges, and slow or incomplete refunds. Many consumers often wait weeks or even months for resolution.
With this new 48-hour refund policy, industry analysts believe the CBN is resetting the standards for customer service in the banking industry while signaling a new era of stronger consumer protection.
If implemented effectively, the policy could reduce the volume of complaints, boost consumer trust, and promote a healthier financial environment aligned with Nigeria’s growing cashless and digital economy vision.
The Federal Competition and Consumer Protection Commission (FCCPC) hails the Central Bank of Nigeria’s new 48-hour refund policy for failed ATM transactions as a landmark step toward consumer protection, transparency, and accountability in the banking sector.
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