In a new guideline, the Central Bank of Nigeria ordered banks and other financial institutions to increase the number of ATMs across the country and place them in secure, easily accessible locations.
The policy also requires banks to maintain a minimum ratio of ATMs to the number of payment cards issued to customers.
Under the new rules, failed transactions must now be resolved within strict timelines.
For transactions carried out on a customer’s own bank ATM, refunds must be processed instantly. If technical issues occur, banks are required to complete the reversal within 24 hours.
For transactions involving another bank’s ATM, refunds must be completed within 48 hours.
The central bank says financial institutions must also deploy automated systems that can trigger refunds without customers having to file complaints.
In addition, all ATM transactions carried out within Nigeria must be processed locally by companies operating in the country.
Banks are also required to install anti-skimming devices, maintain surveillance cameras, ensure machines are adequately stocked with cash, and clearly display helpdesk contacts and transaction charges.
The Central Bank of Nigeria says it will conduct routine inspections and warned that institutions that fail to comply could face regulatory sanctions.
