… Failed ATM transactions used on other banks will not exceed 48 hours
The Central Bank of Nigeria (CBN) has adjusted timelines for reversals and resolution of refund complaints on electronic channels in Lagos state and across the nation from three days now within 24 hours.
In a statement the CBN Director of Corporate Communications, Isaac Okoroafor, issued Tuesday, the new directive takes effect from this month June; the timeline for manual reversal would no longer exceed 24 hours.
While noting that all banks are directed to resolve backlog of ATM, POS and web customer refunds within two weeks, the new directive aims to enhance service quality and hasten quick refunds of failed transactions, dispense error or dispute.
According to the director, “When customers use their cards on their bank Automated Teller Machine (ATM) for transactions, it would now be instantly reversed from the current timelines of three days.”
However, Okoroafor stressed that where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal should not exceed 24 hours.
“The refund for failed ‘Not on us ATM transaction’, where customers used their cards on other bank’s ATMs, should not exceed 48 hours from the current three to five days,” he noted.
Stating further, Okoroafor said resolution of disputed and failed POS or Web transactions should be concluded within 72 hours from the current five days.
“The public is, 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,” as advised in the issued statement.
The statement, therefore, assured bank users: “Key service providers in Nigerian financial system have also committed to establishing integrated dispute resolution platform for the industry and enhance their payment system infrastructure to reduce incidences of transaction failure.”
