Regulatory Alerts2014-06-16 | BPS/DIR/CIR/01/008Non-refund of Monies to Customers Shortchanged by ATMs' Non-Dispense or Partial Dispense Error
The Central Bank of Nigeria has issued a circular to all deposit money banks, directing them to refund customers who have been shortchanged by ATMs that did not dispense cash or only partially dispensed it. The banks are instructed to reconcile their accounts and return the monies to their owners by July 31, 2014. Non-compliance with these directives will result in sanctions.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187.
Garki, Abuja.
+234 - 0946238445 BANKING AND PAYMENTS SYSTEM DEPARTMENT Ref: BPS/DIR/CIR/01/008 June 11, 2014 To: All Deposit Money Banks NON-REFUND OF MONIES TO CUSTOMERS SHORTCHANGED BY ATMs' NON-DISPENSE OR PARTIAL DISPENSE ERROR The attention of the Central Bank of Nigeria has been drawn to the fact the DMBs have not been refunding their customers that 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 Committees of Heads of eBanking 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.
You are by this circular, directed to return all the monies in your possession as a result of ATMs' non-dispense or partial dispense error, not later than July 31, 2014. 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.
Please note that appropriate sanctions shall apply for non-compliance.
'Dipo Fat Director, Banking & Payment System Department