The Federal Competition and Consumer Protection Commission (FCCPC) has backed the Central Bank of Nigeria (CBN’s) proposed directive, which compels banks to refund customers for failed Automated Teller Machine transactions within 48 hours.
In a statement on Monday signed by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a timely and long-awaited intervention that aligns with ongoing efforts to protect consumers in the financial services sector.
The draft guideline, released last week, follows the FCCPC’s Consumer Complaints Data Report published in September 2025, which revealed that the banking and fintech industries accounted for the largest volume of consumer complaints nationwide.
The statement read, “The Federal Competition and Consumer Protection Commission welcomes the Central Bank of Nigeria’s draft guidelines requiring all banks to refund customers for failed Automated Teller Machine transactions within 48 hours.
“The exposure of the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria follows the FCCPC’s Consumer Complaints Data Report published in September 2025.”
‘3000 complaints against banks’
According to the report, more than 3,000 complaints were recorded against banks between March and August 2025, with the Commission facilitating the recovery of over N10bn for consumers across 30 sectors.
The findings highlighted recurring issues such as failed transactions, unauthorised deductions, and prolonged refund delays, the very challenges the new CBN policy seeks to resolve.
“The report, which covered the period from March to August 2025, showed that the banking and fintech sectors accounted for the highest number of complaints nationwide, over 3,000 cases in banking alone, with about N10 billion recovered for customers across 30 sectors. The findings highlighted recurring issues such as failed transactions, unauthorised deductions, and delayed refunds, all of which the CBN draft guidelines seek to address,” the statement added.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, hailed the CBN’s move 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.
He added that the initiative demonstrates improved coordination among regulatory agencies committed to consumer welfare, even at the draft stage.
Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.
The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable.
Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.