The Digest:
The Central Bank of Nigeria (CBN) has issued a strict new directive for all banks. According to a draft guideline reported by Daily Post, financial institutions must now automatically reverse failed ATM transactions or issue refunds within 24 to 48 hours, a decisive step to end the long-standing frustration customers face over lost funds.
Key Points:
- The CBN has mandated that banks refund customers for failed ATM transactions within 48 hours.
- The new rule is part of the draft "Guidelines on the Operations of Automated Teller Machines in Nigeria."
- Failed transactions on a customer's own bank ATM ("on-us") must be reversed instantly or within 24 hours.
- Transactions on other banks' ATMs ("not-on-us") must be refunded within 48 hours.
- Banks are required to deploy technology for automatic reversals, removing the need for customer complaints.
- The CBN stated that "customers must not be made to suffer for failed transactions."
- Stakeholders have until October 31, 2025, to provide feedback on the draft guidelines.
Sources: Daily Post
