The Federal Competition and Consumer Protection Commission (FCCPC) has endorsed the Central Bank of Nigeria’s (CBN) proposed policy mandating banks to refund customers for failed ATM and electronic transactions within 48 hours.
The FCCPC described the draft CBN refund guidelines as a welcome and long-overdue step in addressing one of the most common complaints from Nigerian bank customers—delayed or failed transaction reversals.
FCCPC to Monitor Compliance, Urges Swift Adoption
In a statement delivered in Abuja, the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, confirmed that the Commission will collaborate closely with the CBN to monitor compliance and ensure timely redress in cases where banks fail to meet the proposed 48-hour deadline.
The Commission emphasized that prompt implementation of the policy will offer immediate relief to consumers and reinforce accountability in Nigeria’s banking sector.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” said Ijagwu.
Over ₦10 Billion Recovered Amid Surge in Consumer Complaints
The FCCPC’s latest Consumer Complaints Data Report, released in September 2025, highlighted the urgent need for such reforms. Covering the period from March to August 2025, the report revealed:
- Over 3,000 complaints were lodged against banks.
- Approximately ₦10 billion was recovered for consumers across 30 sectors.
- The banking and fintech sectors recorded the highest number of complaints.
Common issues included failed transactions, unauthorised deductions, and delayed refunds—precisely the challenges the CBN’s proposed directive aims to resolve.
Tunji Bello: A “Timely and Long-Awaited” Reform
FCCPC’s Executive Vice Chairman and CEO, Tunji Bello, described the CBN proposal as a “timely and long-awaited correction” to a long-standing consumer issue.
“Even at the draft stage, this directive shows a stronger alignment between regulators working to protect consumer rights in Nigeria’s financial ecosystem,” Bello noted.
Legal Backing and Consumer Protection Mandate
The FCCPC noted that the draft guidelines are fully aligned with the Federal Competition and Consumer Protection Act (FCCPA) 2018, especially:
- Section 17(g): Elimination of unfair practices
- Section 17(h): Promotion of fair dealings
- Section 17(l): Resolution of consumer complaints
- Section 17(s): Protection of consumer interests across sectors
- Section 17(t): Safety of goods and services for intended use
The FCCPC strongly advocates for the swift adoption and enforcement of the refund policy to reinforce trust in Nigeria’s digital economy and ensure financial justice for consumers.
How to Report Unresolved ATM and E-Transaction Issues
Under the proposed framework, consumers must first report failed transactions directly to their banks or to the CBN.
If unresolved, they can escalate complaints to the FCCPC through any of the following channels:
- Complaint Portal: complaints.fccpc.gov.ng
- Email: contact@fccpc.gov.ng
- Phone: 0805 600 2020
A Unified Front for Consumer Rights
The FCCPC reaffirmed that increased collaboration between financial and consumer protection regulators will result in faster resolutions, reduce repeat offenses, and enhance consumer confidence in Nigeria’s banking and fintech industries.
