Regulatory Alerts2014-06-16 | BPS/DIR/CIR/01/008Added · Updated
Non-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.
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