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, Mr Isaac Okorafor.

He stated that revision of the 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, the revised   timelines for reversals and/or  resolution of refund  complaints on electronic  channels which takes effect  from June 8, 2020, are 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.”

Daily Trust