The Central Bank of Nigeria’s (CBN) proposed order, which requires banks to reimburse clients for unsuccessful automated teller machine transactions within 48 hours, has the support of the Federal Competition and Consumer Protection Commission (FCCPC). The Commission characterized 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. 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. “3000 bank-related complaints” The study claims that between March and August 2025, over 3,000 complaints were filed against banks, and the Commission helped consumers in 30 industries recover over N10 billion. The findings brought to light persistent problems that the new CBN regulation aims to address, including unsuccessful transactions, unauthorized deductions, and protracted refund delays.With almost 3,000 incidents in banking alone and approximately N10 billion recovered for clients across 30 industries, the research, which covered the period from March to August 2025, revealed that the banking and fintech sectors accounted for the greatest number of complaints countrywide. According to the release, the CBN draft rules aim to address recurrent concerns like failed transactions, unauthorized deductions, and delayed money. The FCCPC’s Chief Executive Officer and Executive Vice Chairman, Tunji Bello, praised the CBN’s action as “a long-awaited and timely 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. 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.
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