The Federal Competition and Consumer Protection Commission (FCCPC) on Monday backed the Central Bank of Nigeria (CBN’s)new draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.
The FCCPC’s Director of Corporate Affairs,, Ondaje Ijagwu, announced the Commission’s position on the policy in a statement.
Ijagwu said the CBN policy followed its (FCCPC) Consumer Complaints Data Report released in September, which highlighted persistent issues around delayed or unresolved failed transactions.
He said more than 3,000 complaints were recorded in the banking sector during the six months, with over N10 billion recovered for consumers across 30 industries.
The statement referenced the FCCPC Vice Chairman, Tunji Bello, who described the CBN’s move as “a timely and long-awaited correction to a persistent consumer challenge”.
Release: FCCPC Welcomes CBN’s 48-Hour Refund Draft Guidelines as Major Relief for Bank Customers
“It aligns with what the FCCPC has long advocated, given the volume of complaints we receive about failed transactions,” Bello said.
“We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services.”
The commission also the proposed directive is consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which mandates the elimination of unfair practices and the protection of consumer interests
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