The Central Bank of Nigeria (CBN) has released new draft guidelines for ATM operations, superseding previous regulations. Key points:
Deployment: Card issuers must deploy 1 ATM per 5,000 cards by 2028, starting with 30% in 2026. ATMs need CBN approval and secure placement.
Refunds: Instant reversal for failed “on-us” transactions; max 24 hours if manual. “Not-on-us” refunds within 48 hours.
Security: ATMs must have cameras (no keystroke recording), anti-skimming devices, annual key changes, and comply with PCI DSS.
Operations: Max 72-hour downtime, constant cash availability, clear fee display, and receipts for transactions (except balance inquiries).
Compliance: CBN will audit compliance; monthly reports due by the 5th. Penalties for non-compliance.
