The Central Bank of Nigeria (CBN) has directed all commercial banks and financial institutions in the country to refund customers for failed Automated Teller Machine (ATM) and electronic transactions within 48 hours.
The apex bank issued the directive to address the growing number of complaints from customers who experience delayed refunds after failed withdrawals or transfers.
According to a circular released by the CBN’s Consumer Protection Department and made available to journalists on Friday in Abuja, the bank warned that failure to comply with the directive would attract strict sanctions.
All banks are hereby mandated to resolve and refund customers for failed ATM, POS, or online transactions within 48 hours of occurrence. Non-compliance will attract appropriate regulatory penalties,” the statement read.
The CBN noted that the move is part of efforts to strengthen public confidence in Nigeria’s electronic payment system and ensure that financial institutions are accountable to their customers.
The circular also directed deposit money banks to provide efficient channels for customers to lodge complaints and follow up on unresolved transaction issues.
Banks must ensure that complaint desks are functional and accessible. Customers must be updated promptly on the status of their claims,” the apex bank added.
Reacting to the development, some bank customers in Lagos and Abuja welcomed the directive, describing it as a step toward protecting consumers from unnecessary financial stress.
A financial analyst, Mr. Chidi Opara, also commended the CBN’s decision, saying it would compel banks to improve their service delivery.
Many customers have suffered silent losses for years due to failed transactions that were never reversed. This new policy shows the CBN is taking customer protection seriously,” he said.
The CBN reaffirmed its commitment to promoting transparency, efficiency, and trust within the nation’s financial sector, urging customers to report banks that fail to comply with the directive.
