CBN Drafts Rules for Instant ATM Refunds to Boost Consumer Protection
The Central Bank of Nigeria (CBN) has unveiled draft guidelines mandating instant refunds for failed ATM transactions to enhance consumer protection and restore public confidence in the country's banking system. The rules aim to reduce transaction friction, increase trust, and set stricter operational standards for ATM deployment.
The guidelines require banks to deploy at least one ATM for every 5,000 cardholders, with compliance targets set for 2026, 2027, and full compliance by 2028. Additionally, the CBN plans to scrap the three free monthly interbank ATM withdrawals starting February 2025 as part of broader reforms to strengthen Nigeria's payment infrastructure.
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