In general the ATM is the monitory devices which controls the credit. We disclosed that as part of the measures to facilitate massive deployment of automated teller machines (ATMs) to commercial locations across the country, the old policy, which restricted banks from deploying ATMs outside their premises, has been lifted, contrary to the initial plan to roll out 10,000 units of ATM within the next year and between now and 75,000 units by 2015.
“For this purpose, we have decided to bend the rule a bit because the banks with their already robust balance sheets have the financial firepower to do a much more aggressive roll out than we had earlier envisaged. So, at the last Bankers’ Committee meeting, we actually did say banks will also be involved in the roll out of ATMs outside of their premises so that we can achieve this very ambitious roll out programme,” he said.
According to the deputy governor, the CBN has identified telecommunications and availability power as the two major challenges to the operation of ATMs and POS, pointing out that it has already issued directives that whatever systems would be approved would have alternative capacity to sustain the equipment for at least 24 hours in the absence of electricity.
On ATM card fraud, he said the CBN has already issued a framework on card insurance to undertake the insurance of customers ATM cards, in addition to guidelines on ATM standards operations in the country, pointing out that most of the ATM fraud are traceable to substandard ATM machines.
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