The Central Bank of Nigeria has revised timelines for reversals and/or resolution of refund complaints on electronic channels.
The Central Bank of Nigeria has directed all banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks starting June 8, 2020.
The timelines for reversals and resolution of refund complaints on electronic channels was also revised.
This was confirmed in a statement signed by the Director, Corporate Communication, CBN, Isaac Okorafor.
The statement said this was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
The CBN stated, “All banks are directed to resolve the backlog of all ATM, PoS, and web customer refunds within two weeks starting June 8, 2020.”
“Failed ‘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 three to five days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days”.
The statement added that key service providers in the Nigerian payments system had committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidents of transaction failure.
“Members of the public are therefore requested to refer to the updated guidelines for the operation of electronic payment channels on the bank’s website,” it stated.