3 weeks ago
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The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for proposing caller guidelines that mandate each banks to refund customers for failed Automated Teller Machine (ATM) transactions wrong forty-eight hours.
The CBN Draft Guidelines connected the Operations of Automated Teller Machines successful Nigeria, released arsenic an vulnerability draft, travel the FCCPC’s Consumer Complaints Data Report published successful September 2025.
The March to August 2025 study revealed that the banking and fintech sectors accounted for the highest fig of user complaints nationwide — implicit 3 1000 cases successful banking alone, with astir N10 cardinal recovered for customers crossed 30 sectors.
In a little issued by the manager of firm affairs, Ondaje Ijagwu, connected behalf of the Commission, the projected directive represents “a timely and long-awaited correction to a persistent user challenge.”
“It is accordant with what the FCCPC has been advocating, fixed the fig of complaints we person astir failed transactions,” it stated.
“We commend the CBN for this decisive step, which volition easiness the load connected consumers and rebuild spot successful fiscal services.”
He explained that the draught guidelines align with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of just dealings, solution of user complaints, and extortion of user interests crossed each sectors.
Ijagwu further noted that the Commission advocates for the punctual adoption and implementation of the projected directive, saying its enforcement would supply contiguous alleviation to consumers experiencing delayed oregon unresolved physics transaction reversals.
He added that the FCCPC volition collaborate with the CBN to make a monitoring and compliance model to guarantee timely redress wherever banks neglect to conscionable the forty-eight-hour deadline.
“Closer regulatory practice volition fortify accountability, guarantee quicker ailment resolution, and boost user assurance successful Nigeria’s expanding integer economy,” helium said.
Under the draught guidelines, consumers with unresolved ATM oregon physics transaction issues indispensable archetypal study to their banks oregon the CBN. If the occupation remains unresolved, they tin escalate their complaints to the FCCPC via its ailment portal.
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