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."