The Federal Competition and Consumer Protection Commission (FCCPC) says it will work closely with the Central Bank of Nigeria (CBN) to ensure banks refund customers for failed automated teller machine (ATM) transactions within 48 hours.
The draft guideline, titled ‘Operations of Automated Teller Machines in Nigeria,’ was released by the apex bank a month after the FCCPC’s consumer complaints data report showed that banking and fintech services accounted for the highest number of customer grievances between March and August 2025.
In a statement on Monday, the FCCPC said more than 3,000 complaints were recorded in the banking sector during the six months, with over N10 billion recovered for consumers across 30 industries.
According to the commission, the most common issues included failed transactions, unauthorised deductions, and delayed refunds.
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Commenting on the development, Tunji Bello, executive vice-chairman (EVC) and chief executive officer (CEO) of the FCCPC, described the CBN’s move as “a timely and long-awaited correction to a persistent consumer challenge”.
“It aligns with what the FCCPC has long advocated, given the volume of complaints we receive about failed transactions,” Bello said.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
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The commission said the proposed directive is consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which mandates the elimination of unfair practices and the protection of consumer interests.
FCCPC urged swift adoption of the guideline, and said it would collaborate with the CBN to monitor compliance and ensure timely redress when banks fail to meet the 48-hour deadline.
