CBN Issues New Guidelines On Failed ATM Transactions
In a move aimed at strengthening consumer protection and restoring public confidence in the banking system, the Central Bank of Nigeria (CBN) has issued new guidelines mandating commercial banks to provide instant refunds for failed ATM transactions.
The directive, contained in the latest circular to deposit money banks, requires that customers who experience debits without cash dispensed must now receive their refunds immediately, rather than waiting several days as was previously the case.
According to the CBN, the policy is part of ongoing efforts to enhance electronic payment efficiency, reduce customer complaints, and promote accountability within the financial sector.
The apex bank warned that non-compliance by any bank would attract strict sanctions, adding that the new measure is designed to ensure a fair, transparent, and reliable payment environment for all Nigerians.
Bank customers have welcomed the development, describing it as a timely step towards improving service delivery and trust in the nation’s digital banking system.
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