The Central Bank of Nigeria (CBN) has unveiled new draft guidelines for Automated Teller Machine (ATM) operations across the country, aimed at improving accessibility, security, and consumer satisfaction. The revised framework, which supersedes all previous regulations, outlines fresh requirements for banks and other card issuers in ATM deployment, transaction handling, and compliance monitoring.
According to the draft, card issuers must deploy at least one ATM for every 5,000 issued cards by 2028, beginning with 30% compliance by 2026. The apex bank emphasized that all ATM deployments must receive prior CBN approval and be installed in secure, well-monitored environments.
In a move to enhance consumer confidence, the CBN mandated instant reversal for failed “on-us” transactions those made on the same bank’s ATMs. Where manual intervention is required, refunds must be completed within 24 hours. For “not-on-us” transactions involving other banks, customers should receive refunds within 48 hours.
On security, the guidelines require all ATMs to be equipped with surveillance cameras (excluding keystroke recording), anti-skimming devices, and to comply with the Payment Card Industry Data Security Standard (PCI DSS). Additionally, banks are to change ATM encryption keys annually to strengthen cybersecurity.
Operationally, ATMs are expected to maintain a maximum downtime of 72 hours, ensure constant cash availability, and clearly display all transaction fees. Receipts must be issued for all transactions except balance inquiries.
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To ensure accountability, the CBN stated that it will conduct regular audits, with operators required to submit monthly compliance reports by the 5th of each month. Institutions that fail to comply with these directives will face regulatory penalties.
The CBN noted that the revised guidelines are designed to promote greater financial inclusion, enhance the reliability of ATM services, and protect Nigerian consumers in the digital banking space.
