Nigerian banks get tough ATM penalties

Feb 10, 2011

Nigeria's central bank has introduced penalties for financial institutions that fail to comply with rules regarding the operation of ATMs in the country.

In a circular issued to firms it warned they will face heavy sanctions if issues such as customer complaints are not dealt with promptly.

A daily fine of 50,000 naira (€241) will be imposed on banks that do not set up an ATM helpdesk to assist clients, while failure to deal with a complaint within 72 hours of it being made will also trigger a daily fine of the same amount.

In the statement, the bank said it "has observed, with great concern, the lack of cooperation and the deliberate attempt by some players in the e-payment market to frustrate the policy on offsite ATMs of deposit money banks".

Standard Chartered currently operates 19 ATMs across the country, while Ecobank has the machines at 191 locations nationwide.