This directive is in a sweeping reform aimed at protecting
consumers and restoring confidence in the banking system.

This is contained in a draft guideline released 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 the Director of Payments System
Policy Department, Musa I. Jimoh, was circulated to banks, payment service
providers, card schemes, and independent ATM deployers, with a call for
stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where
customers use their own bank’s ATM, must be reversed instantly. If technical
glitches prevent immediate reversal, the bank is required to manually refund
the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs,
refunds 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.

The apex bank also mandated banks and ATM acquirers to
deploy technology that automatically reverses failed or partial transactions,
removing the need for customers to lodge complaints.

It said that institutions holding customer funds due to
failed disbursements must reconcile and return balances immediately.

The CBN said these measures respond to widespread
frustration over delayed refunds and poor customer service and form part of a
broader effort to enhance consumer protection, improve reliability, and
modernise Nigeria’s payment infrastructure in line with global standards.