FCCPC Hails CBN’s 48-Hour Refund Draft Guidelines as Major Relief for Bank Customers

By our Correspondent

The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines mandating all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

The release of the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria follows the FCCPC’s Consumer Complaints Data Report published in September 2025.

The report, covering the period from March to August 2025, revealed that the banking and fintech sectors recorded the highest number of complaints nationwide—over 3,000 cases in the banking sector alone—with about ₦10 billion recovered for consumers across 30 industries. The data highlighted recurring challenges such as failed transactions, unauthorised deductions, and delayed refunds, which the new CBN draft guidelines are designed to address.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the proposed policy as “a timely and long-awaited correction to a persistent consumer challenge.” He noted that, even at the draft stage, it reflects stronger alignment between regulatory agencies dedicated to protecting consumer rights.

“It is consistent with what the FCCPC has been advocating, 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,” Bello stated.

The Commission emphasised that the proposed directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t). These sections mandate the elimination of unfair practices, promotion of fair dealings, resolution of consumer complaints, protection of consumer interests across all sectors, and adoption of measures ensuring goods and services are safe for their intended use.

The FCCPC further urged prompt adoption and implementation of the proposed directive, stressing that early enforcement would provide immediate relief to consumers affected by delayed or unresolved electronic transaction reversals. Such timely action, it added, would reinforce accountability within the banking industry and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence.

To ensure the policy’s effectiveness, the FCCPC announced plans to collaborate with the CBN in establishing monitoring systems to track compliance and guarantee timely redress where banks fail to meet the 48-hour refund deadline. The Commission maintained that stronger inter-agency cooperation would lead to quicker dispute resolution, prevent recurrence, and strengthen consumer trust in Nigeria’s expanding digital economy.

According to the draft directive, consumers experiencing unresolved ATM or electronic transaction issues are to first report to their banks or the CBN. If unresolved, the complaint can then be escalated to the FCCPC via its Complaint Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or phone (0805 600 2020).