(L-R) Titi Omo-Ettu, president of Association of Telecom Operators of Nigeria, Ogugua Chioke, board member of IXPN, Ernest Ndukwe, former EVC of NCC, Eugene Juwah, EVC of NCC and Chima Onyekwere, chairman of IXPN during an award presentation to Ndukwe recently in Lagos, Nigeria.

The new stringent guidelines set by the Central Bank of Nigeria (CBN) for the operation of Automated Teller Machines (ATMs) by banks may force some banks to shut down some of their ATMS in a bid to reduce operational cost associated with running ATMs. But this will seriously reduce the access of the banking public to ATMs, and therefore, make cash withdrawals less convenient.
The apex bank last week sent out a circular to deposit money banks stipulating some penalties for non-compliance with the guidelines. Some of the penalties contained in the statement signed by Mr. ASF Atoloye, director, banking and payments systems department, include a fine of N50,000 daily for failure to establish help desk or non-functional ones, failure to disclose ATM surcharges to customers. A refund of surcharges to the affected customers will be enforced by the CBN.
The circular also said lack of online monitoring mechanism and back-up power (inverter) for ATM will attract a fine of N50,000 per day, while an ATM without a camera installed attracts a fine of N50,000 and de-activation of the ATM until the camera is installed.
“A fine of N50,000 per day will be applied for late submission of return\data on ATM when required. An ATM deployer will be made to refund the full amount involved in any fraud perpetrated on its ATM for failure to provide footages on the disputed transactions when required. Failure to respond to a customer or CBN on ATM complaints within 72 hours will attract a fine of N50,000 per day for each complaint after the 72 hours until the response is received”