CBN orders banks to refund monies to ATM shortchanged customers

The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs) in the country to return all monies in their possession as a result of Automated Teller Machines’ (ATMs’) non-dispense or partial dispense errors to their customers before July 31, 2014.

The central bank gave the directive in a circular titled: “Non-refund of Monies to Customers Shortchanged by ATMs’ Non-Dispense or Partial Dispense Error,” a copy of which was posted on its website yesterday.
The document was signed by the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun.

It stated that the attention of the CBN had been drawn to the fact that DMBs have not been refunding their customers that were short changed by ATMs’ partial dispense error, while some with non-dispense error were also not refunded.

This issue, it explained, was brought to the notice of the Chairmen of the Committees of Heads of e-Banking and Heads of Operations, at a meeting held on April 15, 2014, at which the Card Schemes and Switches were present.

“The major outcome of the aforementioned meeting was that, banks were directed to reconcile their accounts with a view to returning such monies to their owners.

“Going forward, and in compliance with Section 9.1 of the Guidelines for Card Issuance and Usage in Nigeria, acquirers should initiate the resolution, even without the prompting of the issuing bank,” it added.