The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its support behind the Central Bank of Nigeria (CBN)’s draft guideline mandating banks to refund customers within 48 hours for failed ATM transactions.
FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, announced in a statement on Monday, October 13, 2025.
The endorsement follows the FCCPC’s September Consumer Complaints Data Report, which revealed ongoing issues with delayed or unresolved failed transactions in the banking sector. Over 3,000 complaints were recorded in six months, with more than ₦10 billion recovered for consumers across 30 industries.
FCCPC Vice Chairman Tunji Bello described the CBN’s move as:
“A timely and long-awaited correction to a persistent consumer challenge. It aligns with what the FCCPC has long advocated.”
He added that the policy will ease the burden on consumers and help restore trust in financial services.
The Commission also noted that the proposed directive aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which aims to eliminate unfair practices and protect consumer rights.
