CBN Directs Banks to Refund Failed ATM Transactions Within 48 Hours!

CBN Directs Banks to Refund Failed ATM Transactions Within 48 Hours!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

The Central Bank of Nigeria (CBN) has mandated all Deposit Money Banks (DMBs) and financial institutions to refund customers within 48 hours for failed ATM transactions. The directive is part of broader reforms aimed at enhancing consumer protection and trust in the nation’s financial system.

Key Highlights:

• The CBN stated that unresolved failed transactions are a major source of complaints and must now be rectified within two working days.
• This includes failed withdrawals, duplicate debits, or any ATM service where the customer’s account is debited without receiving value.
• Financial institutions that fail to comply with the 48-hour refund window risk penalties, including regulatory sanctions.

Why It Matters:

• The policy improves customer experience and protects consumers from prolonged financial loss.
• It puts more accountability on banks and processors to ensure prompt resolution of failed transactions.
• It supports the CBN’s broader drive toward a cashless, consumer-friendly economy.

Citations:

1. Independent Newspaper Nigeria: independent.ng/cbn-mandates-banks-to-refund-customers-for-failed-atm-transactions-within-48-hours/?utm_source=chatgpt.com
2. Businessday NG: businessday.ng/banking-finance/article/cbn-gives-banks-48-hours-to-refund-failed-atm-transactions/?utm_source=chatgpt.com
3. Nairametrics: nairametrics.com/2025/10/11/cbn-mandates-instant-refund-for-failed-atm-transactions/?utm_source=chatgpt.com

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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