CBN’s 48-Hour Refund Rule: FCCPC Hails Policy as Game-Changer for Frustrated Bank Customers
Chukwu Obinna 
ABUJA, Nigeria – The Federal Competition and Consumer Protection Commission (FCCPC) has thrown its weight behind the Central Bank of Nigeria’s (CBN) proposed guideline mandating banks to refund failed ATM and electronic transactions within 48 hours, describing it as a “game-changing move that will finally end customers’ long-standing frustrations.”
In a statement released via its official X handle on Monday, the Commission said the new policy represents “a major relief for millions of Nigerians weary of delayed reversals and unresolved electronic payment disputes.”
The CBN’s exposure draft on Automated Teller Machine (ATM) Operations in Nigeria comes barely weeks after the FCCPC’s own Consumer Complaints Data Report (March–August 2025) revealed that banking and fintech topped the list of consumer grievances nationwide.
According to the Commission, more than 3,000 banking-related complaints were recorded within six months, while ₦10 billion in refunds was recovered across 30 economic sectors. Most cases involved failed transactions, unauthorised deductions, and prolonged refund delays—issues the CBN’s new 48-hour rule aims to address.
The FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, said the proposed CBN directive marks “a timely and long-awaited correction to one of the most persistent consumer challenges in the banking sector.”
“Even at the draft stage, this policy demonstrates strong alignment between regulatory agencies working to protect consumers,” Bello said.
“It reflects what the FCCPC has consistently advocated, given the high number of complaints we receive on failed or delayed reversals. The CBN deserves commendation for taking this decisive step—it will ease consumer burdens and rebuild public trust in financial services.”
“This collaboration will ensure consistency in consumer protection and prevent the recurrence of avoidable financial stress for customers,” Bello added.
About the Author
Edino Chubiyo Cornelius 
Koko Maxwella 
Otamere Gladness 
Oluwatobi Adu