The Bank Customers Association of Nigeria (BCAN) has voiced strong support for the Central Bank of Nigeria’s (CBN) proposed guidelines on Automated Teller Machine (ATM) operations, which include a 24–48 hour refund policy for failed transactions. Dr. Uju Ogubunka, BCAN’s president, told The PUNCH that the move would significantly ease financial stress for customers who rely on timely access to their funds.
The draft guidelines, recently exposed by the CBN, set clear timelines for ATM transaction reversals: instant refunds for “on-us” transactions, manual reversals within 24 hours for the same bank, and within 48 hours for “not-on-us” transactions. The rules also include enhanced security measures such as anti-skimming devices, surveillance cameras, physical protections, and requirements for continuous ATM service with minimal downtime.
Ogubunka praised the proposed refund timelines, noting that delayed access to funds can have real-life consequences. “If I go to an ATM and it doesn’t pay, and my money isn’t refunded quickly, it can strangle me financially,” he said. He added that while some banks may resist the shorter timelines to manage internal processes, customer welfare must remain a priority.
The guidelines also address ATM downtime, stipulating that technical faults should not exceed 72 hours, with helpdesk contacts prominently displayed for immediate reporting. Ogubunka welcomed this provision, emphasizing the need for banks to invest in skilled technicians and ensure quick resolutions. “Too often, a broken ATM can take weeks or months to repair. Setting clear standards will put pressure on banks to act responsibly,” he explained.
BCAN also continues to press the CBN on excessive bank charges, urging adherence to existing regulatory guidelines. While some fintech companies have introduced zero transfer fees, Ogubunka noted that banks should at least stay within approved charge limits. “Even if they don’t offer free services, banks must restrict themselves to the guidelines to protect customers,” he said, reinforcing BCAN’s ongoing commitment to fair banking practices.
source: punch