The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its weight behind the Central Bank of Nigeria’s (CBN) draft directive compelling commercial banks to refund customers for failed Automated Teller Machine (ATM) and other electronic transactions within 48 hours.
The Commission, in a statement issued yesterday in Abuja by its Director of Corporate Affairs, Ondaje Ijagwu, said it would work closely with the apex bank to ensure that the new refund policy is not only implemented but also effectively monitored across all financial institutions.
“We are committed to partnering with the Central Bank to establish robust systems for monitoring compliance and ensuring that customers are promptly compensated when banks fail to meet the 48-hour refund requirement,” Ijagwu stated.
According to him, the CBN’s draft guideline was inspired, in part, by findings from the FCCPC’s Consumer Complaints Data Report published in September 2025, which highlighted the recurring frustrations of Nigerian consumers with failed financial transactions and delayed refunds.
The report, covering March to August 2025, revealed that the banking and fintech sectors generated the highest number of complaints nationwide—over 3,000 cases in banking alone—with approximately ₦10 billion recovered for consumers across 30 sectors.
Ijagwu noted that the report exposed a worrying pattern of unauthorised deductions, failed transactions, and protracted refund processes, issues the CBN’s proposed 48-hour refund framework now seeks to rectify.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Dr. Tunji Bello, described the CBN’s initiative as a “timely and long-awaited correction to a persistent consumer challenge.”
“Even at the draft stage, the CBN’s proposal shows a stronger alignment between regulatory agencies committed to protecting consumers,” Bello said. “It represents a bold step towards restoring public confidence in Nigeria’s banking system and ensuring that the average customer is not left at the mercy of inefficiencies.”
The FCCPC reaffirmed its readiness to raise a dedicated compliance and monitoring team to track how banks adhere to the 48-hour refund directive once it becomes official policy. The Commission also hinted that erring institutions could face sanctions for failure to comply.
