The Federal Competition and Consumer Protection Commission (FCCPC) has pledged to ensure that banks comply with the 48-hour failed transaction resolution rule contained in the revised guidelines for ATM management by the Central Bank of Nigeria (CBN).
In a statement released by the commission on Monday, signed by its Director of Corporate Affairs, Ondaje Ijagwu, it welcomed the new 48-hour benchmark placed on banks to return failed transactions via ATMs.
The FCCPC has pledged to establish strategic systems to monitor banks and to identify non-compliance.
“The Commission maintains that closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria’s growing digital economy,” part of the statement reads.
Guidelines for ATM Management
Last week, the CBN released the “Draft Guidelines on the Operations of Automated Teller Machines in Nigeria”. The document, a revised edition, seeks to regulate the establishment and operation of ATMs across the country.
According to part 10 of the document, ‘failed on-us’ ATM transactions reversal is instant, while ‘failed not-on-us’ ATM transactions shouldn’t exceed 48 hours. Also, if the bank is experiencing technical issues or other system glitches in ‘failed on-us’, the timeline for manual reversal must be within 24 hours.
As this is essential for a structured framework on ATM deployment, it will significantly protect customers. While this aligns with the FCCPC’s mandate, it was tagged as an overdue rule following incidents or resolution delays.
The revised rule also mandates banks to deactivate ATMs’ ability to retract cash when technical termination issues occur. This means that if the ATM can’t give a customer the cash requested (like if it gets stuck), it won’t be able to take the cash back into the machine.
Lodging Complaints
Upon a failed transaction that warrants reversal or related issues, customers must first report to their bank or the CBN, the commission said. Provided the issue remains unresolved, such individuals can now complain to the FCCPC through its channels.
- •Complaint portal: complaints.fccpc.gov.ng
- •Email: contact@fccpc.gov.ng
- •Phone call: 0805 600 2020
Response to Customer Complaints
The commission, while commending the CBN for its new measures, said the development is a timely response to recent complaints lodged by Nigerians.
Recall that an FCCPC’s September 2025 publication titled “Consumer Complaints Data Report”, which covered the period between March to August 2025, revealed that 9,091 consumers lodged complaints during the period.
Out of this, the fintech sector saw 1,442 complaints, while the Banking sector accounted for the highest with 3,173.
The FCCPC pointed out that the revised CBN guidelines addressed issues raised by consumers, such as failed transactions, unauthorised deductions, and delayed refunds. The commission added that the draft document is a response to shaping regulatory structure and safeguarding consumer protection.
However, the commission encouraged CBN to make a prompt adoption and implementation of the regulation at a time when it is needed. It noted that when the policy becomes active, it’ll place the financial industry under check for accountability and commitment to fairness.
“Its early enforcement would provide immediate relief to consumers who continue to experience delayed or unresolved electronic transaction reversals,” part of the statement reads.
For Nigerians, this is a significant development in addressing an issue that has become endemic. While it places a stricter watch on fast-tracking the reversal of failed transactions, it is an opportunity for Nigerians to trust the financial sector.