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Uche Usim, Abuja
To deepen its cashless policy, the Central Bank of Nigeria (CBN) has directed all banks to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.
The directive was contained in a statement signed by the apex bank’s Spokesman, Isaac Okorafor, which revealed the revised timelines for dispensing errors and refund complaints.
Okorafor said the move was a fallout of its determination to further enhance service quality,
particularly quick refunds when customers experience failed transactions, dispense errors
or disputes on electronic channels.
“With effect from June 8, 2020, 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 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 three-five days.
” Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.
“Meanwhile, 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.
Members of the public are therefore requested to refer to the updated Guidelines for the
Operation of Electronic Payment Channels on the Bank’s website (www.cbn.gov.ng) for further details,” he said.
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