The Central Bank of Nigeria (CBN) has issued fresh guidelines mandating all deposit money banks to process instant refunds for failed ATM and electronic transactions.
The directive, announced on Friday, is part of the apex bank’s renewed efforts to strengthen consumer protection and enhance confidence in the nation’s electronic payment systems.
Under the new rule, banks are required to automatically reverse funds for failed ATM withdrawals and similar electronic errors immediately after detection, eliminating the long delays that customers often face.
The CBN warned that any bank found violating the directive would face strict regulatory sanctions. It also urged customers to promptly report unresolved transaction failures through official complaint channels.
The new measure, according to the apex bank, aims to promote transparency, efficiency, and trust in Nigeria’s digital financial ecosystem.