The Federal Competition and Consumer Protection Commission (FCCPC) has described the Central Bank of Nigeria (CBN) policy to ensure banks refund customers for failed automated teller machine (ATM) transactions within 48 hours as timely and long-awaited. In a statement on Monday, October 13, the commission vowed to work closely with the CBN to enforce compliance …
CBN’s 48-hour ATM Refund Policy Timely, Long-awaited Says FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) has described the Central Bank of Nigeria (CBN) policy to ensure banks refund customers for failed automated teller machine (ATM) transactions within 48 hours as timely and long-awaited.
In a statement on Monday, October 13, the commission vowed to work closely with the CBN to enforce compliance with the proposed directive.
Its Executive Vice Chairman (EVC) and Chief Executive Officer (CEO), Tunji Bello, described the CBN’s move as “a timely and long-awaited correction to a persistent consumer challenge”.
He said, “It aligns with what the FCCPC has long advocated, given the volume 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.”
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Pinnacle Daily reported that CBN has introduced draft guidelines to compel banks to provide instant refunds for failed ATM transactions to customers.
It has called on stakeholders to provide feedback on the draft guidelines before the framework is finalised, setting an October 31, 2025, deadline to receive their feedback.
The draft guideline, titled ‘Operations of Automated Teller Machines in Nigeria’, CBN said, is designed to strengthen consumer protection, improve service reliability, and ensure greater accountability in Nigeria’s financial system.
The release of the framework comes a month after the FCCPC, in its consumer complaints data report, revealed that banking and fintech services accounted for the highest number of customer grievances between March and August this year.
It hinted that more than 3,000 complaints were recorded in the banking sector during the six months, with over N10 billion recovered for consumers across 30 sectors.
According to the commission, the most common issues included failed transactions, unauthorised deductions, and delayed refunds.
READ ALSO: CBN Wants Instant Refund of Failed ATM Transactions to Customers
It said the proposed directive is consistent with the FCCPA Act 2018, which mandates the elimination of unfair practices and the protection of consumer interests.
Urging swift adoption of the guidelines, FCCPC maintained that it would collaborate with the CBN to monitor compliance and ensure timely redress when banks fail to meet the 48-hour deadline.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
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