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CBN directs banks to refund failed ATM transactions within 48 hours
CBN directs banks to refund failed ATM transactions within 48 hours
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline issued by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
The document, signed by Musa I. Jimoh, Director of the Payment System Policy Department, was distributed to banks, payment service providers, card schemes, and independent ATM deployers, with a request for stakeholder feedback by October 31, 2025.
According to the proposal, botched “on-us” transactions, in which clients utilize their own bank’s ATM, must be reversed immediately. If technical problems prohibit immediate reversal, the bank must manually repay the customer within 24 hours.
Refunds for “not-on-us” transactions using ATMs from other banks must be processed within 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
In a significant shift, the CBN ordered that banks and ATM acquirers use technology that automatically reverses failed or partial transactions, eliminating the need for clients to file complaints.
Institutions that hold client cash owing to unsuccessful disbursements must immediately reconcile and restore balances.
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According to the apex bank, these measures respond to popular dissatisfaction with delayed refunds and poor customer service and are part of a larger effort to strengthen consumer safety and reliability and modernize Nigeria’s payment infrastructure in accordance with global standards.
The recommendations will also restructure ATM operations across the nation. Banks and card issuers must now deploy at least one ATM for every 5,000 active cards, with staggered targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future ATM deployment, relocation, or decommissioning must first be approved by the CBN.
ATMs must be equipped with anti-skimming equipment and CCTV cameras, as well as placed in enclosed or well-lit places, to assure their safety.
Machines are expected to follow Payment Card Industry Data Security Standards, keep audit records, and provide functional helpdesk contacts. At least 2% of all ATMs must provide tactile symbols for visually challenged consumers.
ATMs must also dispense cash before returning cards, offer free PIN changes, produce receipts for all transactions except balance inquiries, display clear transaction costs, dispense only clean banknotes, and provide backup power to reduce downtime.
Downtime cannot exceed 72 consecutive hours, after which operators must notify the public of the cause and estimated restoration time.
The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions may face sanctions, though fines were not specified.
The overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality. The goal is to build a payments system that works seamlessly for everyone, including urban areas.
Nigeria’s electronic payments ecosystem has expanded significantly in recent years, with 200 million cardholders and an increasing reliance on digital banking, but network failures, insufficient infrastructure, and delayed reversals have continued to erode trust.
The new guidelines, which come eight months after the modification of ATM fees, are expected to improve service delivery and transaction security and hold banks accountable.
Stakeholders are urged to provide feedback ahead of the final policy approval, which could go into effect by the end of the year.
CBN directs banks to refund failed ATM transactions within 48 hours
News
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Senate President Godswill Obot Akpabio has instituted a ₦200 billion defamation lawsuit against Senator Natasha Akpoti-Uduaghan, accusing her of spreading malicious sexual harassment allegations that he says have severely damaged his public image.
According to documents filed before the High Court of the Federal Capital Territory, Abuja, Akpabio is seeking substantial damages, public retractions, and nationwide broadcast apologies. He argues that Senator Akpoti-Uduaghan’s televised, radio, and online interviews portrayed him as a sexual predator who abused his office for personal gratification—claims he insists subjected him to widespread ridicule and reputational harm.
The lawsuit includes a comprehensive statement of claims and a list of witnesses. Akpabio is also asking the court to compel the removal of all online materials containing the disputed allegations and to order repeated public apologies across major media outlets.
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A court order issued on 6 November 2025 granted permission for substituted service through the Clerk of the National Assembly after initial attempts to reach Senator Akpoti-Uduaghan directly were unsuccessful. The case is now moving forward and is expected to become one of the most closely watched political legal battles in Nigeria.
Responding on 5 December 2025, Senator Natasha Akpoti-Uduaghan confirmed receipt of the suit and expressed readiness to defend her allegations before a competent court. She stated that she had previously been prevented from presenting a petition before the Senate Committee on Ethics and Privileges due to claims that a related case was already in court—an action she believes protected the Senate President from legislative scrutiny.
In a strongly worded response, the Kogi Central senator maintained that the court proceedings will finally provide the platform to substantiate her claims. She reiterated her stance that she experienced sexual harassment and that her refusal to comply with the alleged advances prompted sustained political retaliation.
“See you in court, Godswill Akpabio,” she declared.
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
News
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.
Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.
“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.
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He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.
Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.
Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.
Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”
He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
News
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Former British Prime Minister Boris Johnson has praised UK Conservative Party leader Kemi Badenoch, describing her as a “future Prime Minister of the United Kingdom” during his visit to Nigeria for the Imo State Economic Summit 2025.
Speaking in Owerri, Imo State, on Thursday, Johnson commended Governor Hope Uzodimma for his efforts to boost economic development and improve security, noting that he felt “perfectly safe” despite earlier warnings about Nigeria’s security situation.
Johnson highlighted the state government’s push to deliver 24-hour electricity, stressing that reliable power and clean, sustainable energy are essential for economic growth as the world moves into an Artificial Intelligence (AI)-driven future.
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He also emphasized the strong historical and economic ties between Nigeria and the United Kingdom, praising the exchange of goods, services, and highly skilled professionals between both countries.
In a humorous remark that sparked applause, Johnson said: “We send you former UK prime ministers, and you send us future UK prime ministers in the form of Kemi Badenoch.”
The summit, attended by Vice President Kashim Shettima, former UN Secretary-General Ban Ki-moon, business mogul Aliko Dangote, and other top government and private-sector leaders, focused on strategies to accelerate Imo State’s economic transformation.
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
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