FCCPC Applauds CBN’s New ATM Refund Guidelines: Banks Must Return Failed Transaction Funds Within 48 Hours
The Federal Competition and Consumer Protection Commission (FCCPC) has praised the Central Bank of Nigeria (CBN) for unveiling draft guidelines that require all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. The move, described by the FCCPC as “timely and long-awaited,” aims to tackle one of the most persistent challenges faced by Nigerian consumers in the banking sector.
The guidelines, titled CBN Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, were released as an exposure draft following the FCCPC’s Consumer Complaints Data Report of September 2025. According to the report, banking and fintech sectors accounted for the highest volume of consumer complaints nationwide between March and August 2025, with over 3,000 complaints in banking alone. During this period, approximately N10 billion was recovered for customers across 30 different sectors.
Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, said in a statement that the new directive aligns with the Commission’s longstanding advocacy for consumer rights protection. “We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” he noted. He emphasized that the guidelines are consistent with key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which focus on eliminating unfair practices, promoting fair dealings, and ensuring the resolution of consumer complaints.
The FCCPC also announced plans to work closely with the CBN to establish a monitoring and compliance framework, ensuring that banks meet the 48-hour refund deadline. Ijagwu highlighted that such collaboration would enhance accountability, provide faster resolutions for consumers, and strengthen confidence in Nigeria’s growing digital economy. He encouraged prompt adoption and enforcement of the guidelines to deliver immediate relief to customers experiencing delays in electronic transaction reversals.
Under the proposed rules, consumers with unresolved ATM or electronic transaction issues are advised to first report the problem to their banks or the CBN. If the matter remains unresolved, they can escalate complaints to the FCCPC through its dedicated complaint portal, ensuring a structured, enforceable process that protects consumer interests.
source: Leadership