The Central Bank of Nigeria (CBN) has introduced stringent measures against commercial banks, payment service providers, and financial institutions that fail to resolve customer complaints within 72 hours.
A fine of N100,000 per day will be imposed for delays, particularly in ATM-related issues. If a failed ATM transaction is not automatically reversed, institutions will face a N50,000 daily fine and must refund the disputed amount.
The new directive is part of the CBN’s 2024/2025 monetary, credit, foreign trade, and exchange policy guidelines.
Other regulations include penalties for the absence of ATM cameras, interest rate adjustments based on the Monetary Policy Rate (MPR), and guidelines on deposit account charges and refunds for incorrect deductions.
The CBN emphasizes customer protection and quick dispute resolution across financial institutions.