The Federal Competition and Consumer Protection Commission (FCCPC) has expressed support for the Central Bank of Nigeria’s (CBN) newly drafted guidelines, which require banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. This development follows the FCCPC’s Consumer Complaints Data Report, released in September, which highlighted persistent issues surrounding delayed or unresolved failed transactions.

According to the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the CBN’s policy aligns with the commission’s long-standing advocacy for consumer protection. The report revealed that over 3,000 complaints were recorded in the banking sector during a six-month period, resulting in the recovery of over N10 billion for consumers across 30 industries.

FCCPC Vice Chairman, Tunji Bello, described the CBN’s move as a “timely and long-awaited correction to a persistent consumer challenge.” He commended the CBN for taking decisive action, which will ease the burden on consumers and rebuild trust in financial services. The proposed directive is consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which mandates the elimination of unfair practices and the protection of consumer interests.

The CBN’s draft guidelines aim to provide relief to bank customers who have long been affected by failed ATM transactions. The FCCPC’s support for the guidelines demonstrates its commitment to promoting consumer welfare and enforcing regulations that protect consumer rights. As the banking sector continues to evolve, the implementation of these guidelines is expected to have a significant impact on consumer trust and confidence in financial services.

The FCCPC’s endorsement of the CBN’s draft guidelines is a significant development in the ongoing efforts to strengthen consumer protection in Nigeria. The commission’s role in advocating for consumer rights and promoting fair business practices is crucial in ensuring that consumers are treated fairly and protected from unfair practices. With the CBN’s guidelines set to come into effect, bank customers can expect a more efficient and responsive complaints resolution process, which will ultimately enhance their overall banking experience.