The Federal Competition and Consumer Protection Commission (FCCPC) has voiced its support for the Central Bank of Nigeria’s (CBN) draft guidelines that require banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. This endorsement follows the FCCPC’s publication of the Consumer Complaints Data Report in September. Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC, described the proposal as a “timely and long‑awaited correction” to a persistent consumer problem. Executive Vice Chairman Tunji Bello also praised the CBN for taking this decisive step, noting that it should ease the burden on consumers and rebuild trust in financial services.
The draft guideline aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically sections 17(g), (h), (l), (s), and (t), which call for the elimination of unfair practices and the promotion of fair dealings. The FCCPC believes that swift adoption of these guidelines will reinforce accountability in the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence.
Under the proposed framework, banks must provide instant refunds for failed ATM transactions. If a customer uses their own bank’s ATM and the transaction fails, it must be reversed immediately. When an instant reversal is not possible due to technical issues, the transaction must be manually corrected within 24 hours. For “not‑on‑us” transactions—where customers use another bank’s ATM—the maximum refund window is set at 48 hours.
The FCCPC has pledged to work with the CBN to establish monitoring systems that ensure compliance and timely redress when banks miss the 48‑hour deadline. This collaboration is expected to lead to faster resolutions, prevent recurrences, and strengthen consumer confidence in Nigeria’s growing digital economy. The introduction of these guidelines marks a significant step toward stronger consumer protection and improved service reliability in the country’s financial system.
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