The Federal Competition and Consumer Protection Commission (FCCPC) has endorsed the Central Bank of Nigeria’s new draft guidelines directing banks to refund customers within 48 hours for failed Automated Teller Machine transactions.
FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, confirmed the Commission’s support in a statement issued on Monday, describing the policy as a step toward better consumer protection in the financial sector.
The Executive Vice Chairman of the Commission, Tunji Bello, called the CBN’s move a “timely and long-awaited correction” to one of the most frequent complaints from bank customers.
He said the policy aligns with FCCPC’s September Consumer Complaints Data Report, which highlighted the recurring issue of delayed or unresolved failed transactions across banks.
Bello added that the directive shows stronger coordination among regulators working to safeguard consumers. “It is consistent with what the FCCPC has been advocating. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” he said.
The FCCPC noted that the new framework aligns with several provisions of the Federal Competition and Consumer Protection Act 2018, which mandate fair business practices and prompt redress mechanisms.
Bello said the Commission will collaborate with the CBN to monitor compliance and ensure quick refunds whenever banks fail to meet the 48-hour deadline.
Under the draft policy, the CBN requires instant refunds for failed “on-us” ATM transactions—where a customer uses their own bank’s machine. If a reversal cannot occur instantly, banks must process refunds within 24 hours.
For “not-on-us” transactions involving other banks’ ATMs, refunds must be completed within 48 hours. ATM operators are also expected to initiate automatic reversals for failed or partial cash disbursements without waiting for customer complaints.
