The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for proposing a 48-hour refund window for failed Automated Teller Machine (ATM) transactions, describing the move as a “timely and long-awaited correction” to a persistent consumer challenge.

The Commission is reacting to apex bank’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, which propose that banks must refund customers within 48 hours of a failed transaction.

According to the FCCPC, the CBN’s proposal directly addresses some of the most frequent consumer complaints, including failed transactions, unauthorised deductions, and delayed refunds. These issues feature prominently in the Commission’s Consumer Complaints Data Report published in September 2025, which covers March to August 2025.

According to the FCCPC, the CBN’s proposal directly addresses some of the most frequent consumer complaints, including failed transactions, unauthorised deductions, and delayed refunds.

The report shows that the banking and fintech sectors record the highest number of complaints nationwide, with more than 3,000 cases in the banking sector alone, and about ₦10 billion recovered for consumers across 30 sectors.

Mr. Tunji Bello, FCCPC Executive Vice Chairman and Chief Executive Officer, says the draft policy represents stronger regulatory alignment in protecting consumers in Nigeria’s financial services landscape.

“It is consistent with what the FCCPC has been advocating,” Bello says, “given the number of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”

The competition regulator says the proposed directive aligns with the provisions of 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 fair dealings, resolution of consumer complaints, protection of consumer interests, and adoption of measures that ensure goods and services are safe for their intended use.

The prompt implementation of the 48-hour refund rule, according to the FCCPC, will not only provide immediate relief to consumers experiencing unresolved or delayed transaction reversals but also reinforce accountability within the banking system. The move, according to the Commission, signals a shared regulatory commitment to fairness, efficiency, and consumer confidence.

To ensure effective enforcement, the FCCPC plans to collaborate with the CBN to establish monitoring mechanisms and ensure timely redress where banks fail to meet the refund timeline. The Commission says stronger inter-agency coordination will help prevent the recurrence of failed transactions, accelerate resolutions, and strengthen trust in Nigeria’s growing digital economy.

Under the proposed directive, consumers with unresolved ATM or electronic transaction issues are expected to first report to their banks or the CBN. If unresolved, complaints may then be escalated to the FCCPC through its Complaint Portal (complaints.fccpc.gov.ng), email (contact@fccpc.gov.ng), or telephone (0805 600 2020).