The Federal Competition and Consumer Protection Commission (FCCPC) has enthusiastically welcomed the Central Bank of Nigeria’s (CBN) proposed draft guidelines, which introduce a mandatory 48-hour deadline for commercial banks to refund customers following a failed Automated Teller Machine (ATM) transaction. The consumer protection body considers this decisive regulatory intervention a crucial and necessary step to resolve a persistent and frustrating issue affecting millions of banking customers across the country, significantly enhancing confidence in the financial services system.
This noteworthy regulatory development from the CBN has been prompted by recent data analysis, including the FCCPC’s comprehensive Consumer Complaints Data Report, which was made public in September 2025. That report unambiguously identified the financial sector—covering both traditional banking institutions and emerging fintech operations—as the source of the highest volume of consumer grievances nationwide. The sheer scale of the challenge was evident, with the conventional banking segment alone accounting for more than 3,000 formally reported cases within a mere six-month period, spanning from March to August 2025. During this same reporting cycle, the FCCPC’s intervention proved highly effective, successfully recovering an estimated N10 billion for customers across various economic sectors, illustrating the significant financial detriment caused by these recurring service failures.
In an official brief issued by the director of corporate affairs, Mr. Ondaje Ijagwu, the Commission officially described the proposed rule as a “timely and long-awaited correction to a persistent consumer challenge.” Mr. Ijagwu explicitly confirmed that the new requirement for prompt refunds is fully consistent with the FCCPC’s long-standing advocacy, which has been continuously fuelled by the overwhelming number of complaints received regarding prolonged delays in electronic transaction reversals. Furthermore, the draft guidelines align seamlessly with key stipulations of the Federal Competition and Consumer Protection Act 2018. Specifically, they support sections that collectively mandate the effective elimination of unfair market practices, promote principles of fair dealing between businesses and consumers, establish clear processes for resolving consumer complaints, and generally protect the interests of consumers across all economic sectors.
Looking forward, the FCCPC is strongly urging the CBN to expedite the process, ensuring the directive is adopted and implemented without any unnecessary delay. The Commission firmly believes that the immediate enforcement of this rule will offer considerable and immediate relief to countless consumers currently struggling with unresolved and lengthy financial service issues. To guarantee effective compliance and timely redress mechanisms, the FCCPC has pledged to collaborate closely with the CBN to develop a robust monitoring and compliance framework. This coordinated effort, Mr. Ijagwu stressed, is essential to strengthen accountability within the financial sector, accelerate the resolution of consumer complaints, and significantly boost public confidence in Nigeria’s rapidly expanding digital economy. Under the new protocols, consumers experiencing unresolved ATM or electronic transaction problems must first report the issue to their respective bank or directly to the CBN. If the problem remains unaddressed within the specified timeframe, customers are then entitled to escalate their grievance through the official FCCPC complaint portal for further intervention.
