The Federal Competition and Consumer Protection Commission (FCCPC) has praised the Central Bank of Nigeria (CBN) for introducing new regulations that fccpc-to-monitor-banks-48-hour-issue-resolution/” title=”… to Enforce Banks' 48-Hour … Issue Resolution Rule for Faster Customer Service”>require banks to reimburse customers for failed Automated Teller Machine (ATM) transactions within a 48-hour timeframe.
The CBN’s Draft Guidelines on Automated Teller Machine Operations in Nigeria, issued as a public exposure draft, come in response to the FCCPC’s Consumer Complaints Data Report released in September 2025.
Data from March to August 2025 highlighted that the banking and fintech industries recorded the highest volume of consumer grievances nationwide, with over 3,000 complaints related to banking alone. Across 30 sectors, customers recovered approximately N10 billion.
In a statement from Ondaje Ijagwu, the director of corporate affairs representing the Commission, the new directive is described as “a much-needed and timely remedy to a longstanding consumer issue.”
“This initiative aligns perfectly with the FCCPC’s ongoing efforts, considering the volume of complaints we handle concerning atm-operations-10-key-rules/” title=”Unlock the Latest CBN … Rules: 10 Essential Guidelines You Need to Know Now!”>failed transactions,” the statement emphasized.
“We applaud the CBN’s proactive approach, which will significantly reduce consumer distress and restore confidence in financial services.”
Ijagwu highlighted that the draft guidelines are consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which focus on eradicating unfair practices, fostering equitable business conduct, resolving consumer disputes, and safeguarding consumer rights across all industries.
He further urged swift adoption and enforcement of the guidelines, noting that doing so would offer immediate relief to consumers facing delays or unresolved reversals in electronic transactions.
Ijagwu also mentioned that the FCCPC plans to partner with the CBN to establish a robust monitoring and compliance system to ensure banks adhere to the 48-hour refund mandate.
“Enhanced collaboration between regulators will improve accountability, accelerate complaint resolution, and strengthen consumer trust in Nigeria’s growing digital economy,” he added.
According to the draft, customers experiencing unresolved ATM or electronic transaction failures should initially report the issue to their bank or the CBN. Should the problem persist, they may escalate their complaints through the FCCPC’s official complaint portal.
