The Central Bank of Nigeria (CBN) has revised timelines for reversals and resolution of refund complaints on electronic channels effecting from June 8, 2020.
This is according to the statement made by the CBN Director, Corporate Communications, Mr Isaac Okorafor, in Abuja on Sunday 31st, 2020.
Mr. Isaac Okorafor explained that the Central Bank of Nigeria (CBN) made this move in order to further enhancing service quality, particularly quick refunds when customers experience failed transactions, dispense error or dispute.
According to the CBN, with regards to failed transaction, “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,” The CBN said.
Also: Resolution of disputed/failed PoS or Web transactions will now be concluded within 72 hours from the current five (5) days.
CBN ordered: All banks to “resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.