FCCPC hails CBN’s 48-hour failed ATM transaction refund directive

The Federal Competition and Consumer Protection Commission (FCCPC) has hailed the Central Bank of Nigeria (CBN) for introducing a new directive requiring commercial banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement on Monday, the FCCPC described the CBN’s draft guidelines as a welcome response to its Consumer Complaints Data Report, which revealed that between March and August 2025, the banking and fintech sectors recorded the highest volume of consumer grievances in the country.

“More than 3,000 banking-related complaints were recorded, with over ₦10 billion (about USD 6.6 million) recovered for customers across 30 industries,” the statement reads.

The report highlighted persistent issues such as failed transactions, unauthorised deductions, and delayed refunds as everyday frustrations that millions of Nigerians experience in an increasingly digital economy.

FCCPC Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, described the CBN’s proposal 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,” Bello said.

The FCCPC noted that the proposed regulation aligns with Nigeria’s 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.

The Commission urged the swift adoption and enforcement of the new rule, stressing that its implementation would bring immediate relief to consumers and strengthen accountability within the banking sector.

“Timely adoption would also reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence,” the FCCPC stated.

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It further pledged to work closely with the CBN to ensure strict compliance and prompt redress for consumers whenever banks fail to meet the 48-hour refund requirement.

“Closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria’s growing digital economy,” the Commission added.

Consumers with unresolved ATM or electronic transaction complaints are advised to escalate their cases directly to the FCCPC via its Complaint Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or hotline (0805 600 2020).

By Babajide Okeowo 

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