Business News Updates Policy & Business

CBN Guidelines on ATM use: 10 Things to Know

The Central Bank of Nigeria this morning, 1 June 2020, released 49-page new guidelines for those producing, delivering services with and consumers using money cards for ATM. POS and Web transactions in Nigeria. Here are five fun things that consumers need to know:

 Download the new Guidelines here:

1.    All Paper Money Denominations to be dispensed

All ATMs shall be able to dispense all denominations of Naira

2.    Special ATMs for the Visually Challenged

Banks have been asked to prepare and install within five years, at least 2% of ATMs with “tactile graphic symbol for the use of visually impaired customers.” Locations of such ATMs are to be visibly publicized on their corporate website at the minimum..

3.    No Local Forex Transactions with Nigerian Cards

You cannot use a Nigeria issued card to carry out forex transactions while in Nigeria. “All transactions at an ATM in Nigeria shall, where the issuer is a Nigerian bank, or any other issuer licensed by the CBN be settled under a domestic settlement arrangement operated by a Nigerian Company.”

4.    Banks no longer allowed to discriminate on ATMs

The era of a bank rejecting ATMs issued by a competitor bank for whatever reason is gone. “No ATM owner or acquirer shall discriminate against any card scheme or issuer. All ATMs shall accept all cards issued in Nigeria under CBN regulations for any card-based value-added service made available on the machine.”

5.    You won’t squint to read or see ATM screens

Banks are forbidden to position their ATM points in such a way that sunlight reflects directly on it and force the users to squint or cover their foreheads to make transactions. “ATMs should be sited in such a way that direct or reflected sunlight or other bright lighting is prevented from striking the ATM display, for example, through the use of overhead sun shelter.”

6.    No one by the side should see your transactions

Privacy shall be provided by the design and installation features of the ATM so that in normal use the cardholder does not have to conspicuously take any protective action

7.    An ATM cannot be left faulty for more than 3 days

The ATM downtime (due to technical fault) is not more than seventy-two (72) hours consecutively, where this is not practicable, customers shall be duly informed by the deployer; The helpdesk contacts are adequately displayed at the ATM terminals. At the minimum, a telephone line should be dedicated for fault reporting and 4 such telephone line shall be functional and manned at all times that the ATM is operational. c. All ATM charges are fully disclosed to customers.

8.    You may no longer suffer for forgetting your card

Banks have been told to ensure that those who use their ATMs are reminded to take away their card at the end of the transaction. “Precautions are taken to minimize the possibility of a card being left, by a message or voice, alerting the customer to take his card.” Again, the machines are to ensure that cash is collected before the card is pumped out “to minimize the possibility of customers leaving cash uncollected at ATM.”

9.    Prompt Refunds for uncompleted transactions

If this happens to you on an ATM deployed by your bank, refund should be automatic without having to prompt your bank. If it is in another bank, the process of refund should not take more than 48 hours. In the same way, banks are no longer authorized to issue dirty or torn notes through the ATM

10. “Big brother” watches you and your transactions

Banks are to install CCTV equipment that captures the image of the person making a transaction as well as details of the transactions. The only thing not allowed to be captured is the finger movements. And there will be no escape for any user, once banks implement the CBN rule. “Where the user of an ATM blocks his image for camera capture, the ATM shall be capable of aborting the transaction.”