A walk through Ikeja’s commercial sprawl, from Opebi to Obafemi Awolowo Way and Allen Avenue, should reveal a dense network of well-equipped, fully functional Automated Teller Machines (ATMs). At least in theory.

It is well within expectations to assume that, in a district known for its highbrow commercial status, ATMs would operate seamlessly. And this is beyond the mere availability of cash. ATMs are supposed to adhere to both technical and non-technical benchmarks set by the Central Bank of Nigeria (CBN).

These enforceable standards are designed to ensure that the machines serve their primary purpose — effortlessly dispensing cash — while also providing a smooth, secure and reliable experience for users.

CBN regulations are clear-cut: ATMs must dispense cash 24/7, transaction failure rates should be minimal, receipts must always be printed and security must be assured.

But that’s not all. The guidelines mandate a 72-hour fix time for service downtimes, visible customer care contact details, user-friendly design, and even something as simple as a dustbin. These seemingly minor elements, quite apparently, are for convenience.

The CBN’s stance on enforcement is equally firm. The regulator has the authority to impose suspensions, hefty fines and even bans on erring institutions. The message is simple: non-compliance comes at a cost.

In January, this became more than just a threat. Nine Nigerian banks were collectively fined N1.35 billion, approximately N150 million each, for failing to make cases available in their ATMs.

From a stroll through Ikeja however, it is evident that the glossy, well-documented standards stand in defiant opposition to the empty cash machines, sluggish transaction responses and error messages that have become all too familiar.

READ MORE: UBA Customer’s N81,000 Yet to Be Returned 2 Months After His Card Got Trapped in ATM

STERLING BANK OPEBI

Opebi boasts one of the densest ATM distributions in Ikeja, a natural consequence of its commercial setup. The road is lined with banks, mid-sized businesses and large retail chains like Spar, making it a prime location for cash withdrawals.

Sterling Bank’s ATM is the first visible machine at the entry or exit of the road, depending on one’s direction. From a distance, the setup appears promising. The machine space is shielded from direct sunlight by overhead glass protection, in line with CBN guidelines, which state:

ATMs should be sited in such a way that direct or reflected sunlight or other bright lighting is prevented from striking the ATM display, for example, through the use of overhead sun shelter.

Security-wise, a CCTV camera is conspicuously positioned at the top corner, edging toward the protective glass. The machines also display the necessary surcharge notices and provide users with a reasonable level of privacy.

But that’s about where the compliance ends.

Despite its polished exterior, the ATM setup at Sterling Bank falls short in some key areas. First, there was no visible bin at the time of this investigation.

More importantly, and in direct violation of the CBN’s 24/7 cash availability mandate, one of the two ATMs at the Sterling Bank stand failed to dispense cash altogether. The other, while functional, refused to print receipts, in contradiction to another explicit requirement under CBN guidelines.

The most glaring issue, however, was the selective dispensing of cash. The machines offered only N1,000 denominations, despite CBN’s clear directive that ATMs must be capable of dispensing all available denominations of the Nigerian currency.

And then, there was the issue of customer support or lack thereof. Besides a single sticker displaying the CBN customer care number, there were no visible emergency contact details. One could make a case for this; the machine is on-us and on-site, so complaints can be made directly to the branch.

KEYSTONE OPEBI: ALMOST THERE BUT NOT QUITE

From a distance, the machines at Keystone Bank Opebi tick all the right boxes: CCTV surveillance, an overhead shield protecting the screens from direct sunlight and a dustbin stationed just at the foot of the two-step stair leading up to the ATM stand.

The setup is as compliant as it gets on the surface.

Operationally, the machines do well, too. As stipulated in the CBN standard, receipts are printed for every transaction, even balance inquiries. A security feature unique to Keystone (though not mandated by regulation) kicks in by withholding debit cards after a few seconds of inactivity, an added precaution for distracted users. Cash retract is disabled, with a notice on the screen to inform users accordingly.

But Keystone’s compliance falls short in one area: denominations. The ATMs refuse to dispense anything below N1000, despite the explicit requirement that machines make all denominations of the Nigerian currency available.

Section 2, Part 6 of the standard is unambiguous: All ATMs shall be able to dispense all denominations of Naira. For customers needing N500 or N200 notes, Keystone’s ATMs are of little help.

Keystone’s branch on Obafemi Awolowo Way fares worse. While it boasts the same protective glass setup, the structure fails to block sunlight effectively, making screen visibility an issue during the day.

The machine lacks a dustbin, doesn’t print receipts, and, like its Opebi counterpart, refuses to dispense any notes below N1000.

READ MORE: These Banks Overcharge Nigerians at ATMs, They Can’t Explain Why

ACCESS BANK OPEBI: DECENT SAVE A FEW

The Access Bank branch at Opebi stands out as one of the better-equipped ATM centres in the area. Four machines were working in optimal working condition when FIJ used them.

CCTV cameras oversee the space, receipts print seamlessly across all four machines, and two strategically placed wastebins serve the dual ATM stations. Security personnel are present to monitor activity, and a poster listing customer service numbers is prominently displayed.

The placement of the ATM gallery is also commendable. It is set back from the roadside; the machines are properly shielded from direct sunlight, as the CBN stipulates.

But even here, there is the persistent issue of denomination. As with other banks in the area, Access Bank’s ATMs do not dispense anything below N1000.

Customers hoping to withdraw N500 or N200 notes will find themselves out of luck, a clear deviation from CBN’s mandate that all available denominations must be accessible via ATMs.

The other Access Bank branch at Opebi has all of the features and shortcomings of the first save one. It dispensed as low as N500.

WEMA BANK OPEBI

Like Access and Keystone, Wema Bank checks many of the regulatory boxes at first glance. Its ATMs are housed within a box-like protective glass frame, with a bin neatly placed inside.

Two machines sit within the enclosure, each equipped with a surveillance camera mounted at the top corner.

A unique touch at Wema Bank is its use of voice alerts. It has an AI-generated voice that reads out key transaction messages, in line with Section 3.2, Subsection F of the CBN guidelines, which states: Precautions are taken to minimise the possibility of a card being left by a message or voice alerting the customer to take his card.

The machine does not comply with receipt regulations, at least in theory. The guidelines mandate that ATMs issue receipts (except for balance inquiries), detailing the amount withdrawn, surcharges, and the date and time of the transaction. However, on Monday and Tuesday, FIJ observed printer malfunctions that made receipt printing impossible.

And, like its counterparts, Wema’s ATMs fail where it matters most: they refuse to dispense anything below N1000, making smaller denominations inaccessible.

ADEBOLA HOUSE: TWO PROVIDERS, ONE WORKING MACHINE

Adebola House stands a few blocks away from Access and Wema branches. It is a fairly large commercial building that is home to the Opebi branch of Spar Supermarket and a handful of other well-known brands. Tucked into one section of the building are six ATMs — two operated by Sterling Bank and four by First Bank.

Of the two Sterling Bank ATMs, neither worked. Not on March 17 or on March 18. No power, no error message, no sign of life. Just two dead machines taking up space. While they were positioned securely, the area lacked something as basic as a dustbin. More importantly, these ATMs failed one of the most fundamental requirements in the Central Bank of Nigeria (CBN) guidelines: they must always be stocked with cash and available 24/7.

On technical issues, CBN rules are clear: If a machine goes offline due to a technical issue, the institution responsible must fix it within 72 hours. If it’s undergoing maintenance, that should be communicated. Sterling Bank failed on all fronts. At the time of this report, there was no cash, no notice and no effort at compliance.

The First Bank ATMs, by contrast, were fully operational. All four machines dispensed cash and met basic security requirements. The machines were also protected from direct sunlight.

But they were not perfect. Receipt printing was disabled, another clear violation of CBN standards. The machines also did not dispense anything below N1000, limiting access for those who needed smaller denominations.

STANDARD CHARTERED BANK

Much like Access Bank’s Opebi branch, Standard Chartered Bank gets most of the basics right: CCTV surveillance, a bin, security personnel, visible customer care numbers and sun shields.

The bank’s ATMs also go a step further, displaying the required ‘cash retract disabled’ notice and, notably, dispensing N500 notes.

But compliance stumbles just before the finish line. While it offers smaller denominations than the other ATMs, the machine refuses to print receipts in direct violation of the CBN’s guidelines.

READ MORE: Polaris Bank in Benin Rejects ATM Withdrawals Above N10,000 for Guests, Allows N50,000 for Customers

ZENITH BANKS: SAME VIOLATIONS, DIFFERENT BRANCHES

Between Opebi, Obafemi Awolowo Way, and Allen Avenue, three Zenith Bank branches operate ATMs. The locations are different, but the issues are the same; repeated, predictable and consistent in their violations.

None of the branches dispensed anything lower than N1,000. For those hoping to withdraw smaller denominations, the machines offered no options. Only one — the branch at Allen — had a dustbin. None of them printed receipts.

At the Opebi branch, things were even worse. When FIJ visited, the ATMs were completely out of cash.

Zenith Bank did manage to get some things right. Across all three branches, the ATMs were positioned away from direct sunlight, shielded and under CCTV surveillance.

But beyond these basic structural considerations, the failures were uniform. The same missing features. The same disregard for regulatory standards. The same frustrating limitations for customers who expect, at the very least, functioning machines.

GLOBUS BANK AND LOTUS BANK. DIFFERENT NAMES, SAME ISSUES

Just across the road at Allen T-Junction, where Obafemi Awolowo Way ends, there is a Globus Bank branch. The ATM section of the branch is neatly integrated into the building. Structurally, it ticks most of the right boxes. The machines are well-situated, protected and secure. At the time of this report, they were dispensing cash without issue.

One standout feature was the bank’s effort to provide customer support. On the ATM wall, there were specially designed sticky flyers with phone numbers for users to call in case of complaints.

But Globus Bank, like so many others, failed on key compliance directives. There were no bins in sight. The ATMs also refused to print receipts. Instead, they consistently display a printer error message. And like most banks in Lagos, the machines only dispensed N1,000 notes, limiting access to smaller denominations.

A few metres away at Lotus Bank, the situation was worse.

Unlike Globus, Lotus Bank’s ATMs were not even dispensing cash when FIJ visited. Structurally, they were compliant, but in practice, they failed to perform their most basic function.

UBA ALLEN IS IN A LEAGUE OF ITS OWN

The United Bank for Africa (UBA) branch on Allen Road stood out among the others but for all the wrong reasons.

Structurally, it met some basic requirements. The ATMs were positioned conveniently at one side of the building, shielded from sunlight. There was CCTV surveillance, and the machines had protective covers for user privacy.

But beyond that, the machines’ performances were beyond dismal.

One of the ATMs was default-set to Yoruba, making it unusable for anyone who didn’t understand the language. Even for those who did, it hardly mattered.

At the time of this report, the machine took several minutes to process a single request, only to fail at the last step — it did not dispense cash.

With a machine that barely functioned, it was impossible to even assess its compliance with other key regulations. Would it have printed receipts? Would it have dispensed smaller denominations? The machine didn’t make it that far.

READ MORE: Union Bank ATM Seized Customer’s Card. Someone Stole N182,500 From His Account in Minutes

GTB BANK: MOST COMPLIANT OF ALL. MAYBE

On Allen Avenue, the stretch leading up to Opebi, a Guaranty Trust Bank (GTB) branch sits not far from Lotus and UBA branches. GTB’s machines stood out for the right reasons.

The bank did not just tick the usual boxes. Sure, there was CCTV coverage, a dustbin, proper lighting, and protection from direct sunlight. But beyond these expected features, the ATMs actually worked and they worked well.

For one, they dispensed more than just N1,000 notes, offering denomination options as low as N200. Then there were the voice prompts. The machines gave clear audio instructions at every step, ensuring users didn’t get confused, forget to take their cash or leave their cards behind.

The ATMs printed receipts, too.

ONE THOUSAND AND ONE CASES

A trip to the ATM should be a routine experience — a quick cash withdrawal, a balance check, or maybe a simple transfer. But for some, it has become the opening scene of a horror show.

FIJ reported how Gabriel Olatunde’s card was swallowed by a machine on December 7. What should have been a minor inconvenience turned into a back-and-forth that cost him N81,000. He made repeated complaints to his bank to no avail.

In Kaduna, Aisha Abdullahi’s experience was even worse. In November 2024, N600,000 disappeared from her account without her authorisation. To protect her funds, she replaced her ATM card.

About a month later, another unauthorised withdrawal wiped out N1.08 million from Abdullahi’s account, about 10 times her daily withdrawal limit. The bank’s response? Silence.

These stories are not isolated incidents. They are warnings. Enforcing ATM regulations is not just about ticking boxes; it’s about protecting Nigerians from financial disaster.

READ MORE: Single Mother Whose Card Was ‘Swallowed’ by ATM 41 Months Ago Still Waiting on Zenith, Access for N360,000 Refund

ATMs should always print receipts so customers have proof of their transactions. Banks must display customer support numbers clearly so victims of fraud know where to turn.

Security cameras should not just exist; they should be actively monitored to deter fraud. Banks must also load machines with all available denominations to stop forcing customers into larger withdrawals due to a lack of smaller bills.

An ATM that fails to dispense cash is one problem; an ATM that seizes a card and drains a bank account is a risk to customers. At stake is not just convenience but security, stability and every Nigerian’s right to access their own money without fear of unexplained losses.