Soothing news has come the way of Nigerians as the Central Bank of Nigeria (CBN) has released a draft guideline on Automated Teller Machine (ATM) operations, compelling banks to refund customers for failed transactions within a strict timeframe.
Under the new framework, customers must be refunded for failed interbank (not-on-us) ATM transactions within 48 hours, while reversals for failed transactions on the same bank’s machine (on-us) must be done instantly. Where an instant reversal is hindered by technical issues, a manual reversal must be completed within 24 hours.
The directive, part of ongoing reforms to strengthen the reliability and safety of the country’s payment systems, was contained in a circular titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines (ATMs) in Nigeria”, signed by Musa Jimoh, Director of the Payments System Policy Department.
The CBN said the document, which has been circulated to banks, other financial institutions, and payment service providers, is being exposed for public consultation and stakeholder feedback for a four-week period.
“This draft is part of the Bank’s continuous efforts to strengthen reliability, safety, and consumer confidence in the Nigerian payments ecosystem,” the apex bank stated.
(Agency Report)
