Central Bank of Nigeria (CBN) has instructed banks and other financial institutions to increase the number of automated teller machines (ATMs) across the country and ensure that failed transactions are resolved without delay.
Gatekeepers News reports that the directive is contained in a new guideline issued by the apex bank aimed at improving access to cash and strengthening customer protection within Nigeria’s payment system.
Under the framework, banks are expected to significantly expand their ATM networks and ensure that machines are installed in secure and easily accessible locations for customers. The policy also introduces a deployment target requiring financial institutions to maintain a specified ratio of ATMs to the number of payment cards issued to customers.
The regulator also set strict timelines for resolving failed ATM transactions — one of the most common complaints from bank customers. According to the guideline, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. Where technical issues prevent immediate reversal, banks must complete the manual refund within 24 hours.
For “not-on-us” transactions involving another bank’s ATM, refunds must be processed within 48 hours. The CBN added that banks must implement automated systems capable of triggering refunds without requiring customers to lodge complaints.
The apex bank also stated that all ATM transactions carried out within Nigeria must be processed locally by companies operating in the country. Card schemes are therefore not permitted to require Nigerian banks to route domestic ATM transactions outside the country for processing.
Other provisions in the guideline require ATM operators to install anti-skimming devices and surveillance cameras, maintain adequate cash levels in machines, and clearly display helpdesk contacts as well as transaction charges for customers.
CBN said it will carry out periodic inspections to ensure compliance with the new rules, warning that institutions that fail to follow the guideline could face regulatory sanctions.
