The Central Bank of Nigeria (CBN), has revised timelines for reversals and/or resolution of refund complaints on electronic channels.
The revised timelines will take effect from June 8, 2020.
According to a statement issued in Abuja, the apex bank stated that with regards to 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.
Also, “where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours,” the CBN said.
The CBN has ruled that “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 will now be concluded within 72 hours from the current five days.
All banks have been ordered to “resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.
The CBN has revealed that key service providers in the Nigerian payment system have also committed to establish an integrated dispute resolution platform for the industry.
This is to enhance their payment system infrastructure and processes to reduce incidences of transaction failure.