Banks to return illegal deductions to customers with interest


The Central Bank of Nigeria (CBN) has said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest. Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria […]

FirstBank raises int’l card payments to $1,100

First Bank of Nigeria Limited has raised monthly limits on international transactions on Naira Cards to $1,100 across Automated Teller Machines (ATM), Point of Sale (PoS), and online channels, with the daily ATM withdrawals raised to $300. The gesture, the lender said, was in line with its drive to promote convenience and ease of business […]

Diamond Bank, Total Nigeria partner on ATM use

Diamond Bank Plc and Total Nigeria Plc have partnered to provide Automated Teller Machines (ATM) services at select Total Service stations across the country. Speaking at the product launch in Lagos,  the bank’s Director, Operations and Technology, Premier Oiwoh, who represented the MD/CEO, noted that the initiative was aimed at deepening customer satisfaction among customers […]

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: 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. The CBN also directed banks […]

ATM error: CBN orders banks to set systems for automatic refund to customers

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 […]

Confusion trails ATM withdrawal limit Directive

Confusion has continued to trail the daily withdrawal limit by the customers in the Automated Teller Machines (ATMs) as some banks claimed ignorance of the directives when contacted. Media reports yesterday stated that the banks have limited the daily withdrawal to N60,000 in compliance with the CBN circular on the naira debit cards. When contacted […]

ATMs palaver: The sufferings of Nigeria consumers

It was a cold and slightly hazy morning. The harmattan wind blew all through the night to leave the surrounding temperature on the temperature gauge of my car within 19c and 21c. I had so much in my head; a list of “to-do” that has to be accomplished before 12pm so I can get back […]

How inclined are Nigerians to Alternative Banking Channels (ABC)?

Today (Monday 3, June, 2013), the cash-less policy of the Central Bank of Nigeria enters a new phase as the maximum ceiling of N150,000 placed on conversion of third-party cheques to cash by individuals takes off. The implication is that any cheque above N150,000 originating from a third party must be lodged into the beneficiary’s […]

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