FCCPC Back CBN’s 48-Hour Refund Rule for Failed ATM Transactions

The Federal Competition and Consumer Protection Commission (FCCPC) has backed the Central Bank of Nigeria’s (CBN) new draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, said in a statement on Monday that the move aligns with the Commission’s Consumer Complaints Data Report released in September, which showed persistent delays in resolving failed transactions in the banking sector.

The report recorded over 3,000 complaints within six months and led to the recovery of more than ₦10 billion for consumers across 30 sectors.

It also identified recurring issues such as failed transfers, unauthorised deductions, and delayed reversals—problems the CBN’s proposed policy aims to end.

A Long-Awaited Correction

FCCPC’s Vice Chairman, Tunji Bello, described the CBN’s proposal as “a timely and long-awaited correction to a persistent consumer challenge.”

He noted that the guidelines reflect growing cooperation between regulatory agencies determined to protect Nigerian consumers.

“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 step, which will ease the burden on consumers and rebuild trust in financial services.”

According to him, the Commission’s position is guided by the Federal Competition and Consumer Protection Act (FCCPA) 2018, especially Sections 17(g), (h), (l), (s), and (t), which seek to eliminate unfair practices, promote fair dealings, and ensure prompt resolution of consumer complaints.

Joint Enforcement and Consumer Redress

FCCPC urged the CBN to implement the directive swiftly to provide relief for consumers still battling delayed or unresolved transaction reversals.

The Commission said timely adoption would not only reinforce accountability but also strengthen consumer confidence in Nigeria’s expanding digital economy.

To ensure compliance, the FCCPC said it will collaborate with the CBN in setting up a monitoring framework to track banks’ performance and guarantee redress for customers when deadlines are breached.

Consumers with unresolved ATM or electronic transaction issues are advised to first report to their banks or the CBN. If unresolved, complaints can be escalated to the FCCPC via its Complaint Portal, email (contact@fccpc.gov.ng), or by calling 0805 600 2020.

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