The Federal Competition and Consumer Protection Commission (FCCPC) has voiced its 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 endorsement follows the FCCPC’s Consumer Complaints Data Report released in September, a document that highlighted ongoing problems with delayed or unresolved failed transactions.
According to the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the CBN policy aligns with the commission’s long‑standing advocacy for consumer protection. The report showed that more than 3,000 complaints were recorded in the banking sector over a six‑month period, leading to 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,” praising the central bank for decisive action that 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. By targeting failed ATM transactions, the CBN’s draft guidelines aim to provide relief to bank customers who have long suffered from such issues. The FCCPC’s backing of the guidelines underscores its commitment to promoting consumer welfare and enforcing regulations that safeguard 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. With the CBN’s guidelines set to take effect, bank customers can anticipate a more efficient and responsive complaints‑resolution process, ultimately enhancing their overall banking experience.
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