The Central Bank of Nigeria’s proposed order, which requires banks to reimburse clients for unsuccessful automated teller machine transactions within 48 hours, has received praise from the Federal Competition and Consumer Protection Commission.
The Commission characterised the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a long-overdue and timely intervention that supports ongoing efforts to safeguard consumers in the financial services industry in a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, on Monday.
Last week’s release of the draft guideline comes after the FCCPC’s Consumer Complaints Data Report, which was published in September 2025 and found that the banking and fintech sectors were responsible for the highest number of consumer complaints in the country.
“The Central Bank of Nigeria’s draft guidelines mandating that all banks reimburse customers for unsuccessful Automated Teller Machine transactions within 48 hours are welcomed by the Federal Competition and Consumer Protection Commission,” the statement said.
Following the release of the FCCPC’s Consumer Complaints Data Report in September 2025, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were made public.
The study claims that between March and August 2025, over 3,000 complaints were filed against banks, and the Commission helped consumers in 30 sectors recover over N10 billion.
The findings brought to light persistent problems that the new CBN regulation aims to address, including unsuccessful transactions, illegal deductions, and protracted refund delays.
According to the research, which covered the period from March to August 2025, the banking and fintech industries accounted for the most number of complaints in the country. In banking alone, there were over 3,000 cases, and clients in 30 sectors received over ₦10 billion in compensation. The CBN draft recommendations aim to address recurrent problems like unsuccessful transactions, unauthorised deductions, and delayed refunds, which were brought to light by the findings, the statement continued.
The CBN’s action was praised by Tunji Bello, the FCCPC’s Executive Vice Chairman and Chief Executive Officer, as “a timely and long-awaited correction to a persistent consumer challenge.”
Given the number of complaints we receive regarding unsuccessful transactions, it aligns with the positions that the FCCPC has been promoting. Bello praised the CBN for taking this strong action, which will reduce consumer burdens and restore confidence in financial services.
Even at the draft stage, he continued, the project shows better collaboration amongst consumer-focused regulatory bodies.
The Federal Competition and Consumer Protection Act of 2018’s Sections 17(g), (h), (l), (s), and (t) are among the laws that the CBN’s proposed order is in compliance with, the FCCPC added.
These provisions give the Commission the authority to stop unfair business activities, encourage ethical transactions, resolve consumer complaints, protect consumer interests, and uphold the dependability and safety of Nigerian goods and services.
The Commission emphasised that early enforcement would offer consumers who are still struggling with unresolved electronic transaction reversals instant assistance and urged the CBN’s proposal to be adopted and implemented as soon as possible.
According to the statement, “prompt adoption would demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence and reinforce accountability within the banking sector.”
The FCCPC said that in order to guarantee compliance, it would cooperate with the CBN to set up a monitoring system that keeps tabs on banks’ compliance with the 48-hour refund requirement and guarantees timely correction of infractions.
According to the Commission, tighter cooperation amongst financial regulators will expedite the settlement of disputes, stop consumer complaints from happening again, and increase trust in Nigeria’s developing digital economy.
Customers who have unsolved problems with ATMs or electronic transactions must first file a complaint with the CBN or their banks, according to the new guidelines.
They can contact the FCCPC through its Complaints Portal (complaints.fccpc.gov.ng), email ([contact@fccpc.gov.ng](mailto:contact@fccpc.gov.ng)), or hotline (0805 600 2020) if the problem is still not resolved.
With 200 million cardholders and an increasing reliance on digital banking, Nigeria’s electronic payments sector has expanded quickly in recent years. However, network outages, inadequate infrastructure, and delayed reversals have continued to erode trust.
Eight months after ATM fees were revised, the new rules are anticipated to improve transaction security, expedite service delivery, and hold banks responsible. Before the final policy is adopted, which may happen before the year is up, stakeholders are asked to provide input.
