The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for its new directive mandating commercial banks to refund customers for failed Automated Teller Machine (ATM) and electronic transactions within 48 hours.
The FCCPC described the move as a major step toward protecting consumers and small businesses that depend heavily on digital transactions for daily operations.
In a statement, the Commission said the CBN's draft guidelines align with its Consumer Complaints Data Report, which revealed that between March and August 2025, the banking and fintech sectors recorded the highest volume of customer grievances.
Common issues cited include failed transactions, unauthorised deductions, and delayed refunds — challenges that often disrupt the cashflow of small and medium enterprises (SMEs) and individuals operating in the digital economy.
FCCPC Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, lauded the policy, calling it "a timely and long-awaited correction to a persistent consumer challenge."
He added that the policy reflects the Commission's long-standing advocacy for faster redress of failed transactions and improved service standards in Nigeria's banking sector.
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The FCCPC noted that the new regulation supports Nigeria's Federal Competition and Consumer Protection Act (FCCPA) 2018, which mandates fair business practices, transparency, and consumer protection across all sectors.
The Commission urged the CBN to ensure swift implementation of the rule, stressing that prompt refunds would improve liquidity for SMEs and enhance confidence in electronic payment.
The Commission also pledged closer collaboration with the CBN to monitor compliance and ensure quick redress whenever banks fail to meet the 48-hour refund deadline.
Consumers and businesses with unresolved ATM or electronic transaction complaints are encouraged to escalate their cases through the FCCPC Complaint Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or hotline (0805 600 2020).
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