CBN Issues New ATM Rules, Orders 48-Hour Refund For Failed Transactions
The Central Bank of Nigeria (CBN) has directed Deposit Money el producto platform puma Turino Stacked EU 41 platform puma Black Rosewater Banks and other financial institutions to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline released on Saturday and titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
Signed by the Director of Payments System Policy Department, Musa I. Jimoh, the document was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback before October 31, 2025.
According to the apex bank, failed “on-us” transactions where a customer uses an ATM belonging to their own bank must be reversed instantly. If immediate reversal is technically impossible, the refund must be processed manually within 24 hours.
For “not-on-us” transactions, involving other banks’ ATMs, the refund window is extended to 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the CBN stated in the circular.
The new rules also require banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, eliminating the need for customers to file complaints.
Institutions holding customers’ funds due to failed disbursements are expected to reconcile and refund balances immediately, while the apex bank warned that any defaults would attract sanctions.
The CBN noted that the reforms were introduced in response to widespread complaints over delayed reversals, poor customer service, and increasing system failures, stressing that the move forms part of its broader agenda to enhance consumer protection and modernise Nigeria’s payment infrastructure in line with global standards.
The guidelines also introduced new operational requirements for ATM deployment and management nationwide. Banks and card issuers are now mandated to install at least one ATM per 5,000 active cards, with phased compliance targets of 30 per cent by 2026, 60 per cent by 2027, and full compliance by 2028.
To ensure safety and reliability, all ATMs must be fitted with anti-skimming devices, CCTV cameras, backup power, and placed in well-lit or enclosed locations. They must dispense cash before returning cards, issue receipts air jordan 13 wheat release information for every transaction (except balance inquiries), and display clear transaction fees.
The CBN further directed that downtime must not exceed 72 consecutive hours, after which operators must publicly state the cause of the outage and the expected restoration time.
In addition, at least 2 per cent of all ATMs must include tactile features for visually impaired customers, while all machines must comply with Payment Card Industry Data Security Standards (PCI-DSS) and maintain audit logs for transparency.
The apex bank said compliance would be monitored through regular audits, on-site inspections, and monthly travis scott air jordan 1 retro low og black olive release date fall 2024 reports from operators, warning that failure to adhere to the new standards would attract sanctions.
“The goal is to build a payments system that works Nike's M2K Tekno Gets A Volt Colouring - nike junior lightweight windrunner jacket black - Nike Vomero 18 Review: Bigger is Better seamlessly for everyone, urban and rural users alike,” the CBN said.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
