FCCPC Steps Up Oversight: Ensuring 48-Hour Resolution for Failed ATM Transactions in Nigerian Banks
In a recent statement, signed by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission welcomed the CBN’s revised guidelines, particularly the expedited 48-hour benchmark for banks to process and return funds from unsuccessful ATM withdrawals. To ensure robust compliance, the FCCPC has pledged to establish sophisticated monitoring mechanisms. These systems are designed to meticulously track banks’ performance and swiftly identify any instances of non-compliance with the new resolution timeframe. Emphasizing the importance of synergy among regulatory bodies, the statement highlighted: “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.” Furthermore, the FCCPC outlined the clear procedures for customers to lodge complaints concerning failed or unresolved ATM transaction issues, empowering consumers to seek recourse effectively. This proactive approach follows the CBN’s recent release of its “Draft Guidelines,” which aim to refine the regulatory framework for ATM operations.
This decisive action by the FCCPC signifies a vital step towards safeguarding consumer rights within Nigeria’s rapidly evolving digital financial landscape. By enforcing the 48-hour resolution period for failed ATM transactions, the Commission is not only pushing for operational efficiency among financial institutions but also working to build trust in the digital payment ecosystem. This focus on prompt issue resolution is expected to significantly improve customer experience and foster greater confidence in banking services, ultimately contributing to the stability and growth of Nigeria’s digital economy.
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