*Tunji Bello, Executive Vice Chairman and CEO of the Federal Competition and Consumer Protection Commission, says the market regulator commends the Central Bank of Nigeria for releasing a draft framework to ease off burden on consumers, and rebuild trust, consumer confidence, and ensure fairness, efficiency in the country’s financial system

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The Federal Competition and Consumer Protection Commission (FCCPC) has expressed support for the Central Bank of Nigeria鈥檚 (CBN) recent draft guidelines that require all commercial banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

The CBN鈥檚 recent release of the Draft Guidelines on the Operations of Automated Teller Machines (ATMs) in Nigeria, follows the FCCPC鈥檚 Consumer Complaints Data Report published September 2025.

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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 findings highlighted recurring issues, such as failed transactions, unauthorised deductions, and delayed refunds, all of which the CBN draft guidelines seek to address.

Speaking on the development, Mr. Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC (EVC/CEO), described the proposal as 鈥渁 timely and long-awaited correction to a persistent consumer challenge.鈥�

Bello stated even at the draft stage, the framework yet demonstrates stronger alignment between regulatory agencies committed to consumer protection in the West African country.

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Ondaje Ijagwu, Director of Corporate Affairs at FCCPC, Tuesday, October 14, 2025, stated the EVC/CEO said: 鈥淚t 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.”

The market regulatory Commission also emphasised that the proposed directive is consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t).

It said the sections that mandated the elimination of unfair practices, the promotion of fair dealings, the resolution of consumer complaints, the protection of consumer interests across all sectors, and the adoption of measures to ensure that goods and services were safe for their intended use.

The Commission advocates the prompt adoption and implementation of the proposed directive, as its early enforcement would provide immediate relief to consumers who continue to experience delayed or unresolved electronic transaction reversals.

The FCCPC further stated the timely adoption of the framework would reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence.

According to the Commission, to make the policy effective, the FCCPC will work with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks fail to meet the 48-hour deadline. The FCCPC “maintains that closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria鈥檚 growing digital economy.”

Under the proposed directive, consumers with unresolved ATM or electronic transaction issues would first be required to report to their banks or the CBN, stated the Commission.

The FCCPC added: “If the issue remains unresolved, they would then be able to escalate the complaint to the FCCPC through the Complaint Portal (complaints.fccpc.gov.ng), by email (contact@fccpc.gov.ng), or by calling 0805 600 2020.”

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