The Central Bank of Nigeria (CBN) has directed all banks to immediately reverse failed ATM transactions, introducing stricter rules to protect customers and improve trust in Nigeria’s payment system.
Faster Refunds for Customers
Under the new guidelines, failed “on-us” transactions—when you use your own bank’s ATM—must reversed instantly. If technical issues prevent an immediate refund, banks required to manually process the reversal within 24 hours.
For “not-on-us” transactions—when you use another bank’s ATM—the CBN mandates that refunds must completed within 48 hours.
Automated Systems Must Be Quicker
The apex bank also set clear timelines for automated reversals:
- On-us transactions: less than 5 minutes
- Not-on-us transactions: less than 15 minutes
These timelines apply when banking systems are functioning properly, ensuring customers no longer face long delays after failed withdrawals.
Boosting Confidence in Digital Banking
The move is part of broader efforts by the CBN to strengthen consumer protection and improve the reliability of Nigeria’s banking infrastructure.
Failed ATM transactions have long been a major frustration for Nigerians, often leaving customers stranded or waiting days to recover their money.
With these new rules, the CBN aims to ensure faster resolutions, better accountability from banks, and a smoother banking experience for millions of users across the country.
