The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines requiring banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
In a statement on Monday, Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, described the guidelines as “a timely and long-awaited intervention” that aligns with ongoing efforts to safeguard consumers in Nigeria’s financial services sector.
The CBN released the draft guidelines last week, following the FCCPC’s September 2025 Consumer Complaints Data Report, which revealed that the banking and fintech sectors recorded the highest volume of consumer complaints nationwide. Between March and August 2025, more than 3,000 complaints were lodged against banks, with over ₦10 billion recovered for consumers across 30 sectors.
“The report highlighted recurring issues such as failed transactions, unauthorised deductions, and delayed refunds—challenges that the CBN draft guidelines now seek to address,” the FCCPC statement read.
Tunji Bello, FCCPC Executive Vice Chairman and CEO, described the CBN initiative as “a timely and long-awaited correction to a persistent consumer challenge.” He added that the policy would ease the burden on consumers and help rebuild trust in financial services.
The FCCPC noted that the proposed directive aligns with the Federal Competition and Consumer Protection Act 2018, particularly provisions empowering the commission to eliminate unfair practices, ensure resolution of consumer complaints, and safeguard consumer interests.
The commission urged the prompt adoption and implementation of the guidelines, stressing that early enforcement would provide immediate relief to consumers still facing unresolved electronic transaction reversals. It also pledged to collaborate with the CBN to monitor compliance and ensure accountability in the banking sector.
Under the draft rules, customers with unresolved ATM or electronic transaction issues should first lodge complaints with their banks or the CBN. Unresolved cases can then be escalated to the FCCPC via its complaints portal, email, or hotline.
Nigeria’s electronic payments system, now serving over 200 million cardholders, has faced challenges from network failures, poor infrastructure, and delayed transaction reversals. The new guidelines, which follow a revision of ATM fees eight months ago, aim to improve service delivery, enhance transaction security, and hold banks accountable.
Stakeholders are invited to provide feedback ahead of the final policy adoption, which could take effect before the end of the year.