The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for proposing new guidelines that mandate all banks to refund customers for failed Automated Teller Machine (ATM) transactions within forty-eight hours.
The CBN Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, released as an exposure draft, follow the FCCPC’s Consumer Complaints Data Report published in September 2025.
The March to August 2025 report revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide — over three thousand cases in banking alone, with about N10 billion recovered for customers across 30 sectors.
In a brief issued by the director of corporate affairs, Ondaje Ijagwu, on behalf of the Commission, the proposed directive represents “a timely and long-awaited correction to a persistent consumer challenge.”
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions,” it stated.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
He explained that the draft guidelines align with the Federal Competition and Consumer Protection Act (FCCPA) 2018, especially Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of fair dealings, resolution of consumer complaints, and protection of consumer interests across all sectors.
Ijagwu further noted that the Commission advocates for the prompt adoption and implementation of the proposed directive, saying its enforcement would provide immediate relief to consumers experiencing delayed or unresolved electronic transaction reversals.
He added that the FCCPC will collaborate with the CBN to develop a monitoring and compliance framework to ensure timely redress where banks fail to meet the forty-eight-hour deadline.
“Closer regulatory cooperation will strengthen accountability, ensure quicker complaint resolution, and boost consumer confidence in Nigeria’s expanding digital economy,” he said.
Under the draft guidelines, consumers with unresolved ATM or electronic transaction issues must first report to their banks or the CBN. If the problem remains unresolved, they can escalate their complaints to the FCCPC via its complaint portal.
