News Column

Atms - CBN Issues Deadline to Banks Over Defaults

June 18, 2014

Kayode Ekundayo

Central Bank of Nigeria (CBN) gave July 31, 2014 deadline to all deposit money banks operating in the country to refund their customers what they have been short-changed through ATMs partial dispense error.

A memo sent to the banks by the apex bank's director, banking and payment system department, Dipo Fatokun, said any bank that failed to comply with the directive would be sanctioned.

Titled "Non-refund of monies to customers shortchanged by ATMs non-dispense or partial dispense error," the CBN explained that its attention has been drawn to the fact that DMBs have not been refunding their customers what they have been shortchanged by the ATMs partial dispense error, while some with non-dispense error were also not refunded.

"This issue was brought to the notice of the chairmen of the committee of head of ebanking and heads of operations at a meeting held on April 15, 2014 at which the card schemes and switches were present. The outcome of the aforementioned meeting was that, banks were directed to reconcile their accounts, with a view to retuning such monies to their owners," the statement noted.

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Source: AllAfrica

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