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

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria’s draft directive requiring banks to refund customers for failed ATM transactions within 48 hours.

In a statement by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission said the proposal reflects long-standing advocacy for fairer treatment of consumers. FCCPC Chief Executive, Tunji Bello, described it as a long-overdue correction to a widespread problem, adding that the move aligns regulatory efforts to rebuild trust in the financial system.

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The Commission said the measure complies with the FCCPA 2018 provisions on fairness and consumer protection. It pledged to work with the CBN to monitor compliance and ensure prompt redress when banks fail to meet the refund deadline.