The Federal Competition and Consumer Protection Commission (FCCPC) has announced its support for the Central Bank of Nigeria’s (CBN’s) draft guidelines requiring all banks to refund customers’ money in cases of failed Automated Teller Machine (ATM) transactions within 48 hours.
In a statement by its Director of Corporate Affairs, Ondaje Ijagu, the FCCPC said the exposure of the CBN’s Draft Guidelines on the Operations of Automated Teller Machines (ATM) in Nigeria followed the commission’s Consumer Complaints Data Report published last month.
“The report, which covered the period from March to August 2025, showed that the banking and Fintech sectors accounted for the highest number of complaints nationwide, over 3,000 cases in banking alone, with about N10 billion recovered for customers across 30 sectors,” the statement said.
The findings highlighted recurring issues, such as failed transactions, unauthorised deductions, and delayed refunds, all of which the CBN draft guidelines seek to address.
