In a bid to enhance transaction quality and efficiency especially in area of failed transactions and dispense errors, the Central Bank of Nigeria (CBN), has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.
A statement by Director, Corporate Communications department of the CBN said failed ATM transactions will now be resolved in three days
The statement reads: “On-Us’ ATM transactions (when customers use their cards on their bank’s (ATMs) shall be instantly reversed from the current timeline of three days. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
“Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.
“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.”
The statement added that key service providers in the Nigerian payments system have also committed to provide an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.