FCCPC backs CBN’s 48 hours refund draft guidelines as major relief for bank customers

Federal Competition and Consumer Protection Commission (FCCPC) welcomes the Central Bank of Nigeria’s (CBN) draft guidelines requiring all banks to refund customers for failed Automated Teller Machine (ATM) 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. 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 ₦10 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 Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the proposal as “a timely and long-awaited correction to a persistent consumer challenge.” He said that, even at the draft stage, it demonstrates stronger alignment between regulatory agencies committed to consumer protection.
“It is consistent with what the FCCPC has been advocating, given the number 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,” He added. The Commission notes that the proposed directive is consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t). These sections mandate the elimination of unfair practices, the promotion of fair dealings, the resolution of consumer complaints, the protection of consumer interests across all sectors, and the adoption of measures to ensure that goods and services are safe for their intended use. The Commission advocates the prompt adoption and implementation of the proposed directive, as its early enforcement would provide immediate relief to consumers who continue to experience delayed or unresolved electronic transaction reversals. Timely adoption would also reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence.
To make the policy effective, the FCCPC will work with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks fail to meet the 48-hour deadline. The Commission maintains that closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria’s growing digital economy. Under the proposed directive, consumers with unresolved ATM or electronic transaction issues would first be required to report to their banks or the CBN.