.directs banks on instant reversal of failed ATM transactions
The Central Bank of Nigeria (CBN), on Sunday, revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.
This is in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
Consequently, 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 3-5 days.
Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.
In a statement signed by Isaac Okorafor, director, corporate communications department, the CBN directed all banks to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.
Meanwhile, key service providers in the Nigerian payments system have also committed to establishing 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 reads.
Source: businessday
