The Central Bank of Nigeria has issued draft guidelines mandating banks to refund customers for failed ATM transactions within strict timelines to enhance reliability and consumer protection.
The Central Bank of Nigeria (CBN) has released draft guidelines requiring banks to refund customers for failed interbank ATM transactions within 48 hours, while same-bank (“on-us”) transactions must be reversed instantly or within 24 hours if delayed. The circular, signed by Musa Jimoh, Director of Payments System Policy, seeks to strengthen consumer protection and the reliability of Nigeria’s payment systems. The guidelines outline minimum standards for ATM operations, emphasizing safety, transparency, and fraud prevention. Deployers must equip ATMs with surveillance cameras, anti-skimming devices, and backup power systems while ensuring cash availability and quick fault resolution.
Refunds for failed or partial dispenses must be automated, and customer charges clearly displayed. The CBN invited stakeholders to submit feedback within four weeks, aiming to align Nigeria’s ATM operations with global best practices, boost user confidence, and reduce transaction failures nationwide.