CBN Issues New Rules on ATM Usage in Nigeria

The Central Bank of Nigeria has issued new rules concerning Automated Teller Machine operations in Nigeria.

According to the new rules:

  1. Banks are to ensure to resolve all Automated Teller Machine (ATM) cardholders’ complaints within a maximum of 72 hours from the date of receipt the complaints or face sanctions.
  2. The CBN also directed banks or independent organizations that deploy ATM for the use of the public to ensure that the ATM vault replenishment must be carried out as often as possible to avoid cash-out.
  3. They are also to ensure that ATMs are not stocked with unfit notes and that cash is available in the machines at all time.
  4. ATM downtime (due to technical fault) must not be more than seventy-two (72) hours consecutively.
  5. Where the above is not practicable, customers shall be duly informed by the deployer.
  6. They are also to ensure that the helpdesk contacts are adequately displayed at the ATM terminals. At the minimum, a telephone line should be dedicated for fault reporting and such telephone line shall be functional and manned at all times that the ATM is operational.
  7. ATM charges must be fully disclosed to customers, the CBN insists in the new rules.
  8. Establishment of appropriate monitoring mechanism to determine failure to dispense cash; and that there is online monitoring mechanism to determine ATM vault cash levels.

Nigeria Bulletin

Share this article:
join our mailing list

Do you want more articles like this delivered to your inbox?

Join our mailing list to receive the latest news and articles.

PS: Your email WILL NOT BE SPAMMED. See our Privavcy Policy for detail.

Thank you for subscribing. You are now part of our mailing list.

Show/Hide Comments

0 thoughts on “CBN Issues New Rules on ATM Usage in Nigeria

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

join our mailing list


Get all the latest and most popular news, tips, articles and information from our website delivered straight into your inbox.

Thank you for subscribing to our mailing list. You will now start recieving our periodic newsletter.

Powered byRapidology