The Federal Competition and Consumer Protection Commission (FCCPC) has expressed sturdy assist for the Central Bank of Nigeria’s (CBN) newly proposed directive mandating industrial banks to refund clients for failed Automated Teller Machine (ATM) transactions inside 48 hours.
In a press release issued on Monday and signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the coverage as a “timely and long-overdue step” in the direction of strengthening client safety in Nigeria’s {financial} sector.
According to the FCCPC, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria align with the Commission’s ongoing efforts to deal with widespread client complaints about failed digital transactions and delayed reversals.
The CBN’s draft coverage follows the FCCPC’s Consumer Complaints Data Report launched in September 2025, which revealed that banks and fintech corporations accounted for the very best variety of client grievances throughout the nation.
Between March and August 2025, the FCCPC recorded over 3,000 complaints towards banks and facilitated the restoration of greater than ₦10 billion for customers throughout 30 sectors.
“The report highlighted persistent issues such as failed transactions, unauthorised deductions, and refund delays—exactly the problems the CBN’s new directive is designed to tackle,” the assertion learn.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, recommended the CBN for what he known as “a long-awaited correction to a recurring consumer hardship.”
“This policy is consistent with the FCCPC’s advocacy over the years. The 48-hour refund rule will significantly reduce consumer stress and restore trust in the banking system,” Bello stated, including that the transfer displays improved coordination between regulatory companies dedicated to client welfare.
The Commission additional famous that the directive aligns with a number of provisions of the Federal Competition and Consumer Protection Act 2018, notably Sections 17(g), (h), (l), (s), and (t), which empower the FCCPC to eradicate unfair practices, guarantee decision of client complaints, and safeguard client pursuits.
The FCCPC urged immediate adoption of the CBN’s proposal, stressing that fast implementation would carry fast aid to clients nonetheless fighting unresolved digital transaction points.
“Timely enforcement will reinforce accountability within the banking sector and strengthen consumer confidence in digital financial services,” the Commission acknowledged.
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To guarantee compliance, the FCCPC stated it might accomplice with the CBN to determine a monitoring system that tracks banks’ adherence to the refund rule and ensures well timed redress the place violations happen.
The Commission suggested customers with unresolved ATM or digital transaction complaints to first contact their banks, and if not resolved, escalate their grievances to the FCCPC by way of its Complaints Portal (complaints.fccpc.gov.ng), e mail ([email protected]), or hotline (0805 600 2020).
Nigeria’s digital fee ecosystem, which now serves over 200 million cardholders, continues to face challenges starting from community disruptions to refund delays.
The new tips, launched eight months after the final evaluation of ATM charges, are anticipated to boost transaction reliability, strengthen client belief, and enhance general banking effectivity.
Stakeholders have been invited to submit their suggestions on the proposed coverage forward of its anticipated adoption earlier than the top of the 12 months.
