# Debited but not credited? 4 steps to get your money back from your bank

> If a transfer fails but your account is debited, you complain to the bank first, expect an answer within two weeks, and only then take it to the CBN, which charges nothing.

Money & Markets · Binatec Pulse · David Banjo · Published 2026-11-09T23:51:34.935Z · Updated 2026-11-09T23:51:35Z

Canonical: https://pulse.binatecagency.com/money/failed-transfer-refund-nigeria-cbn-complaint-steps

## Key points

- Report the failed transfer to your own bank first and get an acknowledgement or tracking number.
- Under CBN timelines reported in 2020, failed online transfers and POS debits are to be resolved within 72 hours.
- Banks have two weeks to resolve a complaint; excess charges and loans get 30 days.
- If the bank does not acknowledge within three days or misses the deadline, email cpd@cbn.gov.ng.
- The CBN does not charge a fee for its complaints process.

A failed bank transfer that still debits your account is one of the most common money headaches in Nigeria, and the rules on what a bank must do about it are clearer than most customers realise. As of 9 November 2026, the Central Bank of Nigeria (CBN) still tells customers to [report the problem to the bank or branch where it happened first](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html) and to give it time to respond before escalating.

This guide sets out the steps in order, the timelines the CBN has published, and what to include if you end up writing to the regulator. Where a rule comes from an older circular or a draft, we say so, because timelines can change.

## Step 1: What should you do the moment a transfer fails?

Screenshot the debit alert, the failed or pending status in your app and the transaction reference. Keep your bank statement entry as well. The CBN's guide to complaints says your letter to the regulator will need [the date and channel of the disputed transaction, the exact amount, supporting documents and proof you first complained to the bank](https://www.legit.ng/business-economy/money/1688553-cbn-releases-guide-how-bank-customers-lodge-complaints-failed-transactions), so build that file now rather than weeks later.

Do not share your PIN, password or OTP with anyone who contacts you about a refund. The CBN's own complaint guidance says plainly [not to include your PIN or passwords](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html) in any complaint.

## Step 2: How do you lodge the complaint with your bank?

Complain at the bank or branch where the issue arose, in writing where possible, and ask for an acknowledgement copy. The CBN says you [must first report the complaint to the bank and allow two weeks](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html) for resolution. Ask for a tracking or reference number: [the CBN expects one as proof the bank received your complaint](https://www.legit.ng/business-economy/money/1688553-cbn-releases-guide-how-bank-customers-lodge-complaints-failed-transactions).

Customers who use fintech apps and microfinance banks should do the same with their provider's in-app support first. The CBN's complaints process covers institutions it regulates, [including commercial banks, microfinance banks and primary mortgage institutions](https://www.cbn.gov.ng/OUT/2018/CPD/CONSUMER%20PROTECTION%20FAQs.PDF).

## What deadlines does the bank have to meet?

The CBN's published timelines differ by transaction type. Nairametrics reported in May 2020 that the [CBN revised the timelines for dispense errors and refund complaints](https://nairametrics.com/2020/05/31/just-in-cbn-revises-timelines-for-resolution-of-dispense-errors-refund-complaints), with banks required to apply them from 8 June 2020. These are the figures it reported:
- Failed withdrawal at your own bank's ATM: reversed instantly, or manually within 24 hours if the instant reversal fails.
- Failed withdrawal at another bank's ATM: resolved within 48 hours.
- Disputed or failed online transfers and POS transactions: resolved within 72 hours.
- Other pending failed transactions and complaints: two weeks, which matches the general complaint window.

Treat those as a benchmark, not a guarantee. They come from a 2020 report of the revision, and the CBN has since been reviewing its consumer protection rules; a December 2023 document on its website is [labelled an exposure draft of revised consumer protection regulations](https://www.cbn.gov.ng/Out/2024/CCD/EXPOSURE%20DRAFT%20REVISED%20CONSUMER%20PROTECTION%20REGULATIONS%202.0.pdf). Quote the timeline when you complain, but check the CBN website for the current version.

## When can you escalate a failed transfer to the CBN?

The CBN's FAQ says banks should [resolve complaints within two weeks, while complaints about excess charges and loans must be resolved within 30 days](https://www.cbn.gov.ng/OUT/2018/CPD/CONSUMER%20PROTECTION%20FAQs.PDF). You can go to the CBN's Consumer Protection Department if the bank does not acknowledge your complaint or issue a tracking number within three days, or if it misses the deadline.

Send the complaint to [cpd@cbn.gov.ng or write to the Director, Consumer Protection Department](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html). Your letter should carry your name, address, phone number and email, the name of your bank, the dispute date, the amount, supporting documents and evidence that you complained to the bank first. The CBN says it does not charge any fee for this process, so anyone offering to "push" your case for money is not working for the regulator.

## Is airtime and data purchase different?

Yes, a new draft targets this. In February 2026 the CBN and the Nigerian Communications Commission published an exposure draft framework on failed airtime and data purchases. [ThisDay reported](https://www.thisdaylive.com/2026/02/10/cbn-ncc-move-to-curb-failed-airtime-and-data-transactions/) that it proposes an automatic refund within 30 seconds when service delivery fails, no more than two retry attempts by banks and real-time alerts showing whether a transaction is pending, failed or successful, with comments due by 20 February 2026. It was a draft when reported; we have not confirmed that it has been finalised, so do not cite the 30-second figure as binding until the CBN says so.

## What if the bank still does not pay?

Keep every acknowledgement and reply, because the CBN asks for evidence of your first complaint. If the bank has been silent past the deadline, escalate in writing with the dates laid out in a short timeline: date of transaction, date of first complaint, tracking number, date the deadline expired. A clear paper trail is what turns a vague grievance into a case the regulator can act on.

Money-saving tip for the future: after any transfer, wait for a confirmed status before repeating it, since a second attempt on a transfer that was only pending can leave you with two debits to chase.

## Questions people are asking

### How long does a bank have to refund a failed transfer in Nigeria?

Reported CBN timelines say failed online transfers and POS transactions should be resolved within 72 hours, and general complaints within two weeks. The 72-hour figure comes from a 2020 report, so check the current CBN rules.

### Where do I send a complaint to the CBN?

Email cpd@cbn.gov.ng or write to the Director, Consumer Protection Department. Show that you complained to your bank first.

### Does the CBN charge for handling a complaint?

No. The CBN says it does not charge any fee to access its redress mechanism.

### When can I escalate to the CBN?

If your bank does not acknowledge the complaint or give a tracking number within three days, or does not resolve it within the stated timeline, typically two weeks.

## Sources

1. [Complaint Lodgment](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html), Central Bank of Nigeria
2. [How to lodge complaints against financial institutions](https://www.cbn.gov.ng/FinInc/FinLit/How_Lodge_Complaints.pdf), Central Bank of Nigeria
3. [Consumer Protection Department FAQs](https://www.cbn.gov.ng/OUT/2018/CPD/CONSUMER%20PROTECTION%20FAQs.PDF), Central Bank of Nigeria
4. [CBN revises timelines for resolution of dispense errors, refund complaints](https://nairametrics.com/2020/05/31/just-in-cbn-revises-timelines-for-resolution-of-dispense-errors-refund-complaints), Nairametrics
5. [CBN, NCC move to curb failed airtime and data transactions](https://www.thisdaylive.com/2026/02/10/cbn-ncc-move-to-curb-failed-airtime-and-data-transactions/), ThisDay
6. [CBN releases guide on how bank customers lodge complaints](https://www.legit.ng/business-economy/money/1688553-cbn-releases-guide-how-bank-customers-lodge-complaints-failed-transactions), Legit.ng
7. [Exposure draft: revised consumer protection regulations](https://www.cbn.gov.ng/Out/2024/CCD/EXPOSURE%20DRAFT%20REVISED%20CONSUMER%20PROTECTION%20REGULATIONS%202.0.pdf), Central Bank of Nigeria