By Ginika Okoye
The Federal Competitors and Shopper Safety Fee (FCCPC) has welcomed the Central Financial institution of Nigeria (CBN)’s draft tips requiring banks to refund clients for failed Automated Teller Machine (ATM) transactions inside 48 hours.
FCCPC, in a press release by Mr Ondaje Ijagwu, its Director, Company Affairs, in Abuja on Monday, stated the draft guideline adopted the Shopper Complaints Information Report revealed by the fee in September.
Ijagwu stated that the FCCPC Govt Vice Chairman, Mr Tunji Bello, described the proposal as a well timed and lengthy awaited correction to a persistent client problem.
Bello famous that the rule of thumb, even on the draft stage, demonstrated stronger alignment between regulatory businesses dedicated to client safety.
“It’s in line with what the FCCPC has been advocating, given the variety of complaints we obtain about failed transactions.
“We commend the CBN for this decisive step, which can ease the burden on customers and rebuild belief in monetary companies,” he stated.
He added that the proposed directive was in line with the provisions of the FCCPA 2018, notably sections 17(g), (h), (l), (s), and (t).
The FCCPC government vice chairman defined that the sections mandated the elimination of unfair practices, however promotion of truthful dealings, decision of client complaints, and safety of client pursuits throughout all sectors.
In response to him, well timed adoption of the rules can even reinforce accountability inside the banking sector and reveal a shared regulatory dedication to equity, effectivity, and client confidence.
“To make the coverage efficient, the FCCPC will work with the CBN to ascertain programs for monitoring compliance and guaranteeing well timed redress when banks fail to fulfill the 48-hour deadline.
“The fee maintains that nearer collaboration amongst regulators will result in sooner resolutions, stop recurrences, and strengthen client confidence in Nigeria’s rising digital financial system,” he stated.
The Information Company of Nigeria (NAN) reviews that CBN launched new draft tips mandating banks to offer immediate refunds for failed ATM transactions.
The rule of thumb launched on Oct. 9, is designed to strengthen client safety, enhance service reliability, and guarantee better accountability within the nation’s monetary system.
Underneath the draft framework, the place a buyer makes use of their very own financial institution’s ATM and the transaction fails, it have to be reversed immediately.
The CBN stated that if immediate reversal was not attainable resulting from technical hitches or system glitches, the transaction have to be manually corrected inside 24 hours.
For ‘not-on-us’ transactions that when clients use one other financial institution’s ATM, the utmost refund window had been set at 48 hours. (NAN)(www.nannews.ng)
Edited by Deborah Coker
