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 […]

19 million bank customers have BVN nationwide

Ahead October 31, 2015 deadline for all bank customers to enroll on the Bank Verification Number (BVN) platform, the Central Bank of Nigeria (CBN) has revealed that 19 million customers have enrolled on the platform. The CBN Deputy Director, Banking and Payments System Department, Mr. Musa Jimoh, disclosed this during the Finance Correspondents Association of […]

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 […]

Banks Reduce Daily Withdrawal Limit on ATMs,Foreign Transactions

Nigerian banks have reduced the daily withdrawal limit on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards). According to VANGUARD, in the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per […]

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 […]

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