Regulatory Alerts2010-05-14 | BPSD/RTP/GEN/RVP/01/007Standards and Guidelines on Automated Teller Machine (ATM) Operations in Nigeria
Here is a concise summary of the main points from Nigeria's ATM Standards and Guidelines: 1. All financial institutions issuing or acquiring cards for use in ATMs must adhere to these standards and guidelines, as well as any other relevant guidelines issued by the Central Bank of Nigeria (CBN). 2. The CBN has defined the responsibilities of Issuers, Acquirers, and Settlement Agents within the payment system. 3. All ATMs must display clear notices for planned maintenance periods and must be inspected at least fortnightly. 4. Physical security measures are required for all ATMs to ensure the safety of users and the confidentiality of their transactions. 5. Cameras must be installed in all ATMs to capture all actions by users, but they should not record keystrokes. 6. All network connectivity from an ATM must be protected against unauthorized access or compromise. 7. Any complaints related to irregularities in cardholder accounts resulting from ATM transactions must be resolved within 72 hours. 8. The liability for fraudulent transactions using cards at ATMs depends on whether the card is EMV-compliant, and which party (issuer or acquirer) is responsible for ensuring it functions properly. 9. Institutions operating ATMs must file updated lists of their machines with the CBN for monitoring purposes. 10. The CBN will conduct on-site snap checks to ensure compliance with these standards, and any non-compliance may result in penalties such as monetary fines or suspension of services. In summary, Nigeria's ATM Standards and Guidelines are a comprehensive set of rules designed to enhance the security and efficiency of the country's ATMs while ensuring that financial institutions adhere to best practices for customer service and data protection.