FCCPC Backs CBN’s 48-Hour ATM Refund Directive
By Patience Ikpeme
The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its support behind the Central Bank of Nigeria’s (CBN) new directive mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
The FCCPC sees the move as a crucial step towards restoring public confidence in the financial system.
In a statement, the FCCPC noted that the CBN’s new guidelines on ATM operations directly respond to its own complaints data report, which was published in September 2025.
The report, which covered the period from March to August 2025, revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide, with over 3,000 cases in banking alone. These findings pointed to persistent issues like failed transactions, unauthorised deductions, and delayed refunds.
Mr. Tunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, described the proposed directive as “a timely and long-awaited correction to a persistent consumer challenge.”
A statement from the FCCPC’s Corporate Affairs Director, Ondaje Ijagwu, quoted Mr. Bello as saying that the draft guidelines, even in their preliminary stage, show a stronger commitment to consumer protection from regulatory agencies.
“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,” Mr. Bello said.
The Commission views the new directive as being in line with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which mandates the elimination of unfair practices and the protection of consumer interests across all sectors.
The FCCPC is calling for the prompt adoption and implementation of the proposed directive, believing its early enforcement will provide immediate relief to consumers facing delayed or unresolved electronic transaction reversals. The Commission stated that a timely implementation would also reinforce accountability within the banking sector.
To make the policy effective, the FCCPC plans to work closely with the CBN to establish systems for monitoring compliance and ensuring banks meet the 48-hour deadline. The Commission believes that closer collaboration among regulators will lead to faster resolutions, prevent recurrence of issues, and strengthen consumer trust in Nigeria’s growing digital economy.
Under the new framework, consumers with unresolved ATM or electronic transaction issues will first report the problem to their bank or the CBN. If the issue remains unresolved, they will then be able to escalate the complaint directly to the FCCPC through its Complaint Portal.
