The Federal Competition and Consumer Protection Commission has commended the Central Bank of Nigeria for proposing a 48-hour refund policy for failed Automated Teller Machine transactions.
In a statement on Monday signed by its Director of Corporate Affairs, Ondaje Ijagwu, the FCCPC described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a long-awaited move that supports ongoing efforts to protect bank customers.
The proposed guideline, released last week, comes shortly after the FCCPC’s Consumer Complaints Data Report revealed that the banking and fintech sectors recorded the highest number of consumer complaints nationwide between March and August 2025.
According to the report, more than 3,000 complaints were lodged against banks during the period, with over N10bn recovered for consumers across 30 sectors. The findings highlighted issues such as failed transactions, unauthorised deductions, and refund delays—problems the new policy seeks to fix.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, hailed the CBN’s directive as “a timely and long-awaited correction to a persistent consumer challenge.”
“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 said.
The Commission noted that the policy aligns with several provisions of the Federal Competition and Consumer Protection Act 2018, which empower it to eliminate unfair practices, promote fair dealings, and protect consumer interests.
It further urged the CBN to implement the policy promptly to give quick relief to customers struggling with unresolved electronic transaction reversals.
The FCCPC said it would work with the CBN to monitor compliance by banks and ensure that refunds are made within the 48-hour timeframe once the policy takes effect.
It also encouraged customers with unresolved complaints to escalate their cases through its Complaints Portal (complaints.fccpc.gov.ng), email ([[email protected]](mailto:[email protected])), or hotline (0805 600 2020).
Nigeria’s electronic payment system has grown rapidly, but frequent network failures and delayed reversals continue to frustrate users. The CBN’s new guideline, which may be adopted before the end of the year, aims to strengthen consumer confidence and improve service efficiency across the financial sector.
