By Chioma Obinagwam
The Central Bank of Nigeria (CBN), Nigeria’s apex monetary authority, has directed all banks to resolve backlog of all Automated Teller Machines (ATMs), Point of Sale (POS) and Web customer refunds within two weeks starting Monday, June 8, 2020.
Confiance News gathered from a statement posted on its Twitter feed on Tuesday.
Also, in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, CBN, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.
According to to the new timelines, any 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.
However, where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
Also, 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.
Furthermore resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
Additionally, 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.
The CBN also advised the public 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.
