Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that it received over 3,000 banking-related complaints between March and August 2025, leading to the recovery of about N10 billion for consumers across 30 sectors.
The Commission made this known while commending the Central Bank of Nigeria’s (CBN) proposed policy mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. It described the move as “a major victory for bank customers and a turning point in consumer protection.”
According to the FCCPC, its Consumer Complaints Data Report for March–August 2025 showed that the banking and fintech sectors accounted for the highest volume of complaints nationwide.
Most issues involved failed transactions, unauthorized deductions, and delayed refunds concerns the new CBN guidelines directly aim to address.
Mr. Tunji Bello, executive vice chairman and chief executive officer, FCCPC, hailed the CBN’s initiative as “a timely and long-awaited correction to a persistent consumer challenge.”
“It aligns perfectly with what the FCCPC has been advocating, given the volume of failed transaction complaints we handle” he said.
“We commend the CBN for this decisive action, which will ease the burden on consumers and rebuild trust in financial services,” Bello stated. He added that the move underscores the growing collaboration between the FCCPC and the CBN in safeguarding consumer rights and improving service delivery in Nigeria’s financial sector.
The FCCPC noted that the proposed directive aligns with key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 particularly Sections 17(g), (h), (l), (s), and (t) which seek to eliminate unfair practices and promote fair dealings across all sectors.
The Commission emphasized that prompt implementation of the CBN’s 48-hour refund policy would bring immediate relief to millions of Nigerians who often face delays in transaction reversals, while also strengthening accountability and public confidence in digital and cashless financial systems.
To ensure effective enforcement, the FCCPC said it would work closely with the CBN to establish joint monitoring mechanisms that will track compliance and ensure erring banks are held accountable.
“Stronger collaboration among regulators is vital for faster complaint resolution, prevention of recurrence, and the promotion of confidence in Nigeria’s expanding digital economy,” the Commission stated.
