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CBN to rectify failed bank transactions, refund complaints via new mandate

The Central Bank of Nigeria (CBN) on Tuesday, June 2; made a tweak to the timelines for reversals and resolution of refund complaints on electronic channels.

This was contained in a statement issued by the CBN Director of Corporate Communications; Isaac Okorafor, who said the new directive takes effect from June.

According to the statement, the adjustment on failed Automated Teller Machine (ATM) transactions,” when customers used their cards on their bank ATMs; would now be instantly reversed from the current timelines of three days.

Also, in an instance where instant reversal failed due to any technical issue or system glitch; the timeline for manual reversal should not exceed 24 hours.

The statement explained further that refunds for failed “Not on us ATM transaction”; where customers used their cards on other bank’s ATMs, should not exceed 48 hours from the current three to five days.

Okoroafor further said the resolution of disputed and failed POS or Web transactions should be concluded within 72 hours from the current five days.

The statement added that the new directive is aimed at further enhancing service quality and hasten quick refunds; when customers experience failed transactions, dispense error, or dispute.

“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,” the statement said.

All banks are directed to resolve a backlog of ATM, POS and web customer refunds within two weeks, the CBN said.

Additionally, key service providers in the Nigerian financial system have also committed to establishing an integrated dispute resolution platforms for the industry; and enhance their payment system infrastructure to reduce incidences of transaction failure, the apex bank added.

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