News

Nigerian lawyers look for more government oversight of bank ATMs

August 19, 2009

Lawyers in Nigeria say Nigeria needs more laws that regulate the operation and transactions of ATMs. According to an article in Vanguard, lawyers insist that bank mangers should not have the right to introduce ATMs without any corresponding law to safeguard the interests of consumers when financial disputes arise.

During a recent meeting of lawyers in Lagos, Vanguard reports, legal advisors discussed concerns about growing ATM fraud:

At the presentations made at the SPIDEL section, it was argued that the time had come for the stakeholders to take urgent steps to address the growing ATM fraud in banking transactions across the country, so as to enable victims to seek redress in court.

Nigerian bank customers have reportedly been disturbed by how their cash is looted through ATMs without their knowledge. And banks have often been blamed for the fraud, as customers have accused banks of exposing their PINs and other account information.