CBN Orders Nigerian Banks to Refund Failed ATM Transactions Within 48 Hours

The Central Bank of Nigeria (CBN) has directed banks to refund customers for failed ATM transactions within 48 hours to enhance public trust in the banking sector. The draft guidelines released by the CBN aim to streamline ATM operations in Nigeria, ensuring prompt reversal and refund processes for failed transactions.

Banks are required to deploy technology for automatic reversals of failed transactions and comply with new safety and access standards for ATMs. The phased compliance approach will see full implementation by 2028.