CBN sets new timelines for reversal of failed e-transactions

Central Bank of Nigeria, CBN
Corporate headquarters of the Central Bank of Nigeria, CBN in Abuja

The Central Bank  of  Nigeria  (CBN),  has issued new directives to banks for refunds to customers on any failed transactions through ATMs, PoS, internet transfer and e-platforms transactions.

The latest timelines for banks to ensure strict compliance were contained in a statement issued by the apex bank’s Director, Corporate Communication,  Isaac Okorafor.

He stated that  said the revised timelines was part of the bank’s efforts to enhance service  quality,particularly  quick  refunds  when  customers  experience  failed  transactions,  dispense  errors or  disputes.

Specifically,   he stated that  revised   timelines  for  reversals  and/or  resolution  of  refund  complaints  on electronic  channels which takes  effect  from  June  8, 2020,  were as  follows:

“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  (3)  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  (5)  days. All  banks  are  directed  to  resolve  backlog  of  all  ATM,  POS  and  Web  customer refunds  within  two  weeks  starting  June  8,  2020”, he added.

Okorafor further stated that “key  service  providers  in  the  Nigerian  payments  system  have  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.”



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