The Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels with effect from June 8, 2020.
TheNewsGuru.com (TNG) reports the CBN made this known in a statement signed by Isaac Okorafor, Director of Corporate Communications.
According to the statement, the revision was in determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
For Failed “On-Us” ATM transactions, i.e. when customers use their cards on their bank’s ATMs, such transactions 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,” the CBN stated.
For refunds for failed “Not-on-Us” ATM transactions, i.e. where customers use their cards on other banks’ ATMs, reversal shall not exceed 48 hours from the current 3-5 days.
According to the CBN, resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
The apex bank directed all banks to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.
Meanwhile, Okorafor in the statement revealed that key service providers in the Nigerian payments system have 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.
Members of the public were further requested to refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Bank’s website www.cbn.gov.ng for details.