The Federal Competition and Consumer Protection Commission has endorsed the Central Bank of Nigeria’s new draft guidelines requiring banks to refund customers for failed Automated Teller Machine transactions within 48 hours.

In a statement issued on Monday, the FCCPC’s Director of Corporate Affairs, Mr. Ondaje Ijagwu, said the Commission welcomes the policy, noting that it aligns with findings from its Consumer Complaints Data Report released in September, which identified recurring delays and unresolved cases of failed transactions.

FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, described the CBN’s proposal as a “timely and long-awaited correction” to one of the most frequent complaints by bank customers.

He added that even in its draft form, the policy demonstrates improved coordination among regulatory agencies committed to safeguarding consumer interests.

“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions.

“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” Bello said.

He noted that the proposed directive is consistent with key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018—specifically Sections 17(g), (h), (l), (s), and (t)—which promote fair business practices, prohibit unfair treatment of consumers, and ensure effective redress mechanisms.

Bello further stated that swift adoption of the CBN’s guidelines would enhance accountability across the banking sector and strengthen consumer confidence in the financial system.

He added that the FCCPC will collaborate with the apex bank to develop monitoring frameworks that ensure compliance and guarantee prompt redress when banks fail to meet the 48-hour refund requirement.

“Closer collaboration among regulators will lead to faster resolutions, prevent recurrences, and strengthen consumer confidence in Nigeria’s growing digital economy,” he noted.

The CBN’s draft framework, released on October 9, mandates banks to provide immediate refunds for failed Automated Teller Machine transactions conducted on their own terminals.

According to the draft, all on-us transactions, where customers use ATMs operated by their own banks, must be reversed instantly.