CBN Introduces New Rules for ATM Transactions, Mandates Banks to Refund Customers Promptly

The Central Bank of Nigeria (CBN) has announced new guidelines for ATM transactions, requiring banks to refund customers within 48 hours for failed transactions. The directive, signed by Musa Jimoh, aims to address delays in refunds and improve service delivery.

Banks must now automatically reverse failed transactions to customers' accounts within 24 hours if technical issues prevent an immediate reversal. The CBN also sets standards for ATM operations, including deploying at least one ATM for every 5,000 active cards by 2026.

These measures are part of efforts to align Nigeria's payment system with global best practices and enhance customer experience.