FCCPC Supports CBN's 48-Hour Refund Policy
The Federal Competition and Consumer Protection Commission (FCCPC) backs the Central Bank of Nigeria's (CBN) draft guidelines for a 48-hour refund policy on failed ATM transactions.
According to the FCCPC's Director of Corporate Affairs, Mr. Ondaje Ijagwu, this policy follows the Commission's Consumer Complaints Data Report, which highlighted issues with delayed or unresolved failed transactions.
The CBN's proposal is a "timely and long-awaited correction" to one of the most common complaints from bank customers, said FCCPC's Executive Vice Chairman, Mr. Tunji Bello.
- The FCCPC supports the CBN's new draft guidelines.
- The guidelines mandate banks to refund customers for failed ATM transactions within 48 hours.
Author's summary: FCCPC backs CBN's refund policy.