In its determination to further enhance service quality particularly quick refunds when customers experience failed transactions, dispense errors or disputes, the Central Bank of Nigeria (CBN), has revised its timelines for reversal and/or resolution of refund complaints on electronic channels with effect from June 8, 2020.
In a statement signed by the Director, Corporate Communications, CBN, Mr. Isaac Okorafor this morning explained that failed “On Us” ATM transactions which occurs when customers use their cards on their bank’s ATM shall be instantly reversed from the current timeline of three days adding that where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
The statement also said that refunds for failed “Not-On-Us” ATM transactions which occurs when customers use their bank’s cards on other banks’ ATM shall not exceed 48 hours from the current 3-5 days.
It went on to say that resolution of disputed/failed POS or Web transactions shall 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 from June 8, 2020”, the statement further said.
It added that key service providers in the Nigerian payment system had also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences 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 www.cbn.gov.ng for further details”, the statement said.
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