The Federal Competition and Consumer Protection Commission (FCCPC) has expressed support for the Central Bank of Nigeria’s (CBN) newly proposed guidelines requiring banks to refund customers within 48 hours after failed ATM transactions.
According to Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, the CBN’s policy reflects findings from the Commission’s recent Consumer Complaints Data Report released in September.
”The report revealed ongoing challenges with delayed or unresolved ATM transaction failures, with over 3,000 banking complaints recorded in six months and more than N10 billion recovered for consumers across various sectors.
FCCPC Vice Chairman Tunji Bello praised the policy as a “timely and necessary solution” to a long-standing consumer problem.
He added that the move aligned with FCCPC’s mission to protect consumers and curb unfair practices, as outlined in the Federal Competition and Consumer Protection Act of 2018.
“We commend the CBN for this decisive action, which will help restore consumer confidence in the banking sector and ease the burden on users,” Bello said.
The draft guidelines requires all banks to return funds from failed ATM withdrawals within two days, ensuring quicker resolution for affected customers.
The FCCPC will continue to monitor compliance with the new directive to safeguard consumer interests.
