FCCPC Commends CBN’s 48-Hour Refund Policy as Major Relief for Bank Customers

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed strong support for the Central Bank of Nigeria’s (CBN) draft guidelines mandating all banks to refund failed transactions within 48 hours.

In a statement issued by Ondaje Ijagwu, the FCCPC’s Director of Corporate Affairs, the Commission described the policy as a “major relief” for bank customers who have long struggled with unresolved or delayed transaction issues.

Ijagwu noted that the new directive aligns with findings from the FCCPC’s Consumer Complaints Data Report released in September, which recorded over 3,000 complaints in the banking sector within six months and led to the recovery of over ?10 billion for consumers across 30 industries.

Quoting the Commission’s Vice Chairman, Tunji Bello, the statement said the CBN’s move is “a timely and long-awaited correction to a persistent consumer challenge.”

“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 FCCPC added that the CBN’s proposed directive is consistent with the Federal Competition and Consumer Protection Act (FCCPA) 2018, which seeks to eliminate unfair business practices and safeguard consumer interests.