The Federal Competition and Consumer Protection Commission (FCCPC) has endorsed the Central Bank of Nigeria’s (CBN) draft guideline mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
In a statement issued in Abuja on Monday, FCCPC’s Director of Corporate Affairs, Mr. Ondaje Ijagwu, said the guideline was a response to the commission’s Consumer Complaints Data Report published in September.
FCCPC Executive Vice Chairman, Mr. Tunji Bello, described the policy as a “timely and long-overdue correction to a persistent consumer issue,” highlighting the high volume of complaints about unresolved failed transactions.
“This move reflects a stronger alignment among regulators toward protecting consumers,” Bello stated. “It aligns with the FCCPC’s advocacy and reinforces provisions of the FCCPA 2018, particularly sections focused on eliminating unfair practices, promoting fair dealings, and ensuring consumer redress.”
Bello emphasized that the guideline will not only enhance accountability in the banking sector but also restore public trust in financial services.
To support implementation, the FCCPC said it will collaborate with the CBN to monitor compliance and ensure consumers receive timely redress. “Stronger cooperation among regulators will lead to quicker resolutions, reduce recurrence, and boost confidence in Nigeria’s digital financial landscape,” Bello added.
The CBN’s draft guideline, released on October 9, stipulates that failed transactions on a customer’s own bank’s ATM must be reversed instantly. If instant reversal isn’t possible due to technical issues, banks must resolve the error manually within 24 hours.
For interbank ATM transactions (referred to as “not-on-us”), the maximum refund window is set at 48 hours.