CBN Makes Changes to Customers Savings, Current Accounts, Access, Zenith, Others to Comply

• The Central Bank of Nigeria has slashed the time required for banks to reverse ATM transactions to 72 hours
• The bank said any bank that fails to initiate a refund of failed ATM transactions within 72 hours would be fined
• It also said banks are expected to comply with several guidelines regarding interest rates on deposits

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria (CBN) has issued a strict warning to commercial banks, payment service providers, and other financial institutions regarding delays in responding to customer complaints.

The directives by the CBN state that commercial banks would be fined N100,000 daily if they fail to address customer complaints within 72 hours.

Banks are required to refund failed transactions in 72hrs

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The new directive aims to ensure quicker resolution of issues within 72 hours, especially those regarding transactions on Automated Teller Machines (ATMs).

The CBN directive specifies that failure to respond to customer or CBN inquiries about ATM-related complaints within 72 hours will attract a daily fine.

Regarding the customer’s failed ATM transactions and the acquirer does not initiate an automatic reversal, the financial institution will be punished with a total refund of the disputed amount and an additional N50,000 daily fine.

BusinessDay reports that the new directive is part of CBN’s broader 2024/2025 monetary, credit, foreign trade, and financial institutions under supervision.

The apex bank stressed its commitment to ensuring that all entities in the payment system comply with set fees.

Banks must have and provide camera footage

CBN also said that failure to provide camera footage for disputed transactions will carry consequences, with the financial institutions required to pay a penalty to the refunded amount.

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If an ATM does not have a camera, a bank will face an initial fine of N250,00, followed by a daily charge of N50,000 pending the installation of a camera.

CBN makes changes to interest rates on accounts

The regulator also stated that interest rates for the 2024/2025 fiscal year will remain market-driven, influencing rates indirectly via adjustments to the Monetary Policy Rate (MPR)'

The financial institutions regulator said banks are expected to comply with several guidelines regarding deposit interest rates.

For current account deposits, interest rates will continue to be negotiable between the customer and the bank, while savings accounts will follow rates provided by the CBN’s Guide to Charges or any future circulars or policies issued by the bank

CBN reintroduces controversial Cybersecurity Levy

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has disclosed that it will continue to enforce the controversial cybercrime levy of 0.005% on all electronic transactions under its recently released guidelines for the 2024/2025 fiscal year.

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The apex bank ditched the controversial levy after the intervention of President Bola Tinubu following public outrage.

The bank is now being reintroduced and mandated by the Cybercrime Act 2025, which aims to boost Nigeria’s security infrastructure.

Source: Legit.ng