August 21, 2017

CBN orders banks to set ATM system for automatic refund

CBN orders banks to set ATM system for automatic refund

The Central Bank of Nigeria, CBN has directed banks to set up systems that will enable the automatic refund of money to customers in which Automated Teller Machine (ATM) dispense errors to their transactions.

The apex bank has also issued guidelines for card issuance and usage meant to provide minimum standards and requirements for the issuance and usage of payment cards in the country.

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The , CBN Director, Banking and Payments System Department, Dipo Fatokun disclosed this to newsmen , saying “ The implementation of the guidelines will enables issuing banks, other financial institution, processors and cards schemes upgrade and maintain their card operations to ensure optimum security, efficiency, cost effectiveness and customer friendliness.”

The platform, he added, also serves as a tool for banks and other financial institutions to assess their card issuance portfolio and ensures that consumers that carry Nigerian -issued cards operate within acceptable standards.Read more

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