The Central Bank of Nigeria, CBN has directed banks to set up systems that will enable the automatic refund of money to customers in which Automated Teller Machine (ATM) dispense errors to their transactions.
The apex bank has also issued guidelines for card issuance and usage meant to provide minimum standards and requirements for the issuance and usage of payment cards in the country.
The , CBN Director, Banking and Payments System Department, Dipo Fatokun disclosed this to newsmen , saying “ The implementation of the guidelines will enables issuing banks, other financial institution, processors and cards schemes upgrade and maintain their card operations to ensure optimum security, efficiency, cost effectiveness and customer friendliness.”
He further noted that CBN is taking strategic steps to ensure that the level of fraud arising from e-payment transactions are reduced to the barest minimum.
Fatokun explained that the absence of a unique identifier in the banking industry has negative consequences on the growth of e-payments and that the need to resolve the challenge that prompted the CBN, in collaboration with the Bankers’ Committee to launch the Bank
Verification Number (BVN) project. The project, he said, will help build confidence of customers on the e-payment channels and enhance integrity of transactions.
“The BVN initiative is aimed at protecting bank customers and further strengthening the Nigerian banking system by uniquely identifying all bank customers and acts as a stop-gap, prior to the full implementation of the National Identity Card system,” he said.