3 weeks ago
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The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draught guidelines requiring banks to refund customers for failed Automated Teller Machine (ATM) transactions wrong 48 hours.
FCCPC, successful a connection by Mr. Ondaje Ijagwu, its Director of Corporate Affairs, successful Abuja connected Monday, said the draught line followed the Consumer Complaints Data Report published by the committee successful September.
Ijagwu said that the FCCPC, Executive Vice Chairman, Mr Tunji Bello, described the connection arsenic a timely and long-awaited correction to a persistent user challenge.
Bello noted that the guideline, adjacent astatine the draught stage, demonstrated stronger alignment betwixt regulatory agencies committed to user protection.
”It is accordant with what the FCCPC has been advocating, fixed the fig of complaints we person astir failed transactions.
”We commend the CBN for this decisive step, which volition easiness the load connected consumers and rebuild spot successful fiscal services,” helium said.
He added that the projected directive was accordant with the provisions of the FCCPA 2018, peculiarly sections 17(g), (h), (l), (s), and (t).
The FCCPC enforcement vice president explained that the sections mandated the elimination of unfair practices, the promotion of just dealings, the solution of user complaints, and the extortion of user interests crossed each sectors.
According to him, timely adoption of the guidelines volition besides reenforce accountability wrong the banking assemblage and show a shared regulatory committedness to fairness, efficiency, and user confidence.
”To marque the argumentation effective, the FCCPC volition enactment with the CBN to found systems for monitoring compliance and ensuring timely redress erstwhile banks neglect to conscionable the 48-hour deadline.
”The committee maintains that person collaboration among regulators volition pb to faster resolutions, forestall recurrences, and fortify user assurance successful Nigeria’s increasing integer economy,” helium said.
The News Agency of Nigeria (NAN) reports that CBN introduced caller draught guidelines mandating banks to supply instant refunds for failed ATM transactions.
The line released connected October 9 is designed to fortify user protection, amended work reliability, and guarantee greater accountability successful the country’s fiscal system.
Under the draught framework, if a lawsuit uses their ain bank’s ATM and the transaction fails, it indispensable beryllium reversed instantly.
The CBN stated that if an instant reversal is not imaginable owed to method hitches oregon strategy glitches, the transaction indispensable beryllium manually corrected wrong 24 hours.
For ‘not-on-us’ transactions, erstwhile customers usage different bank’s ATM, the maximum refund model is acceptable astatine 48 hours.
The station FCCPC backs CBN’s 48-hour banks’ refund line to customers appeared archetypal connected Vanguard News.
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