The Bank Customers Association of Nigeria (BCAN) has expressed strong support for the Central Bank of Nigeria’s (CBN) draft guidelines aimed at improving Automated Teller Machine (ATM) operations.

The proposed regulations include a rule mandating a 24–48-hour period for refunds in cases of failed transactions.

Dr. Uju Ogubunka, president of BCAN, shared his views in an exclusive interview with The PUNCH, highlighting that a faster refund timeline would significantly benefit customers, particularly when funds are urgently needed.

He emphasized that a 24-hour window is ideal, suggesting that even the 48-hour limit might be excessive for some banks.

He said: "So, 24 hours is ideal, if you ask me, and 48 hours is even too much for other banks. But again, we can give up some kind of benefit of doubt to another bank and say, ‘Okay, if my own bank is taking 24 hours, let’s give them 48 or 36."

He added that no customer would want their money held up for too long, particularly when they urgently need it for something important.

The proposed rules also address transaction processing, reconciliation, and the security features necessary for ATM operations.

For "on-us" transactions, the guideline mandates instant refunds, while "not-on-us" transactions should be processed within 48 hours.

The CBN also advocates for enhanced security measures such as camera surveillance, anti-skimming devices, and reliable maintenance to ensure continuous service.

In addition to faster refunds, the draft guidelines introduce new standards for ATM downtime. The CBN mandates that ATMs be repaired within 72 hours of a technical fault.

If the repair timeline exceeds this period, customers must be informed about the situation. Ogubunka expressed support for the 72-hour limit, though he pointed out that the root cause of downtime might not always be immediately clear.

He said: "But it is a good start. That will make banks face the issue squarely, instead of abandoning the ATM when it gets bad."

He highlighted the need for more technicians to handle repairs promptly, as current delays can stretch from weeks to months.

Ogubunka believes that a regulatory framework is necessary to pressure banks into improving their ATM service and maintenance practices.

Beyond ATM operations, BCAN has also called on the CBN to intervene in the issue of excessive bank charges.

Ogubunka emphasised that banks should operate within established guidelines for fees, which already exist to prevent unjustifiable charges.

With some fintech companies offering zero transfer fees, Ogubunka believes banks should at least adhere to the approved charge limits.

He argued that even if banks don’t offer free services, they should refrain from exceeding the prescribed fees. This, he says, would foster customer loyalty and ensure fairness in banking practices.