play_arrow

keyboard_arrow_right

Listeners:

Top listeners:

skip_previous skip_next
00:00 00:00
playlist_play chevron_left
volume_up
  • play_arrow

    104.9FM Best rock music demo

  • play_arrow

    Demo Radio Nr.1 For New Music And All The Hits!

  • play_arrow

    Demo Radio Techno Top Music Radio

  • cover play_arrow

    Police Commissioner Launches Weapon and Riot Control Training for FCT Officers Democracy Radio

Business

FCCPC Backs CBN’s 48-Hour Refund Policy for Failed ATM Transactions

todayOctober 14, 2025

Background
share close

By Oluwakemi Kindness

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for proposing new guidelines that would compel banks to refund customers within 48 hours for failed Automated Teller Machine (ATM) transactions.

The draft regulation, contained in the CBN’s Exposure Guidelines on the Operations of Automated Teller Machines in Nigeria, comes after months of rising public complaints about failed and delayed electronic transactions.

The FCCPC in a statement on Monday said the proposed policy aligns closely with its Consumer Complaints Data Report released in September 2025, which showed that the banking and fintech sectors recorded the highest number of consumer grievances nationwide.

Between March and August 2025, the Commission received over 3,000 complaints from banking customers alone, recovering more than ₦10 billion across 30 sectors.

Common issues included failed transactions, unauthorised deductions, and long delays in refunds, all of which the CBN’s new directive seeks to fix.

FCCPC’s Executive Vice Chairman and CEO, Tunji Bello, hailed the proposed 48-hour refund policy as “a timely and long-awaited correction to a persistent consumer challenge.”

FCCPC supports CBN’s move to protect bank customers with faster refunds on failed transactions.

“It is consistent with what the FCCPC has been advocating, given the number 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.”

He added that even at the draft stage, the policy shows stronger alignment between key regulators working to strengthen consumer confidence in Nigeria’s financial system.

The FCCPC explained that the proposed guideline aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t).

These sections mandate regulators to eliminate unfair trade practices, promote fair dealings, resolve consumer complaints, and ensure that goods and services are safe and reliable.

The Commission urged the prompt adoption and enforcement of the CBN’s proposal, arguing that early implementation would bring immediate relief to millions of consumers facing unresolved or delayed transaction reversals.

“Timely adoption will reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence,” the Commission stated.

To ensure compliance, the FCCPC said it would collaborate with the CBN to monitor banks, ensure prompt redress, and penalize institutions that fail to meet the 48-hour refund deadline.

The move marks another step in strengthening consumer protection and financial accountability within Nigeria’s expanding digital economy.

With electronic transactions rising sharply across mobile and online platforms, regulators say faster refunds and improved collaboration between agencies will help restore public trust and reduce financial stress for millions of banking customers.

Written by: Democracy Radio

Rate it

0%