CBN Orders Banks to Refund Failed ATM Transactions Within 48 Hours to Boost Consumer Trust

The Central Bank of Nigeria (CBN) has directed banks to refund customers for failed ATM transactions within 48 hours to improve consumer protection and restore public trust in the banking sector. The new guidelines aim to address delays in refunds, poor service quality, and network failures.

Banks are mandated to deploy automatic reversal systems to eliminate manual complaints and ensure prompt reconciliation. Additionally, enhanced security features for ATMs, including anti-skimming technology and CCTV surveillance, are required.

The CBN also plans to increase ATM accessibility and compliance with global standards by 2028.