The Federal Competition and Consumer Protection Commission (FCCPC) has warmly welcomed the Central Bank of Nigeria’s (CBN) draft guidelines that require banks to refund customers for failed ATM transactions within 48 hours. FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, revealed this in a statement following a recent Consumer Complaints Data Report. FCCPC’s Executive Vice Chairman, Tunji Bello, called the move “timely and long awaited,” praising the stronger cooperation between regulatory bodies to protect consumers. The guidelines align with the FCCPC Act 2018 mandates for fair dealings and swift complaint resolution.
The draft framework specifies that failed transactions at one’s own bank must be reversed instantly or within 24 hours in case of technical glitches, while transactions at other banks’ ATMs (‘not-on-us’) must be refunded within 48 hours. Bello promised close collaboration between FCCPC and CBN to monitor compliance and ensure quick redress, aiming to rebuild consumer trust and boost confidence in Nigeria’s digital banking sector.
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