Rhoda Ogunseye
The Central Bank of Nigeria has directed all banks in the country to resolve backlog of all ATM, PoS and Web customer refunds within two weeks from June 8, 2020.
The CBN, which made this known in a statement on Sunday, also reviewed timelines for reversals or resolution of refund complaints on electronic channels by making it shorter.
According to the CBN, under the new revised directive, when customers use their cards on their bank’s ATMs and the transaction fails, it must be instantly reversed rather than 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, the apex bank said.
For failed ATM transactions where customers use their cards on other banks’ ATMs, refunds shall not exceed 48 hours from the current three to five days, it added.
The CBN further stated that the resolution of disputed, failed PoS or Web transactions shall now be concluded within 72 hours from the current five days.
The apex bank also noted that the revised timeline was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
Meanwhile, the CBN stated key service providers in the Nigerian payments system had also committed to establishing an integrated dispute resolution platform for the industry and enhanced their payment system infrastructure and processes to reduce incidence of transaction failure.
The apex bank enjoined members of the public to refer to the updated Guidelines for the Operation of Electronic Payment Channels on its website for further details.
The Central Bank of Nigeria has directed all banks in the country to resolve backlog of all ATM, PoS and Web customer refunds within two weeks from June 8, 2020.
The CBN, which made this known in a statement on Sunday, also reviewed timelines for reversals or resolution of refund complaints on electronic channels by making it shorter.
According to the CBN, under the new revised directive, when customers use their cards on their bank’s ATMs and the transaction fails, it must be instantly reversed rather than 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, the apex bank said.
For failed ATM transactions where customers use their cards on other banks’ ATMs, refunds shall not exceed 48 hours from the current three to five days, it added.
The CBN further stated that the resolution of disputed, failed PoS or Web transactions shall now be concluded within 72 hours from the current five days.
The apex bank also noted that the revised timeline was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
Meanwhile, the CBN stated key service providers in the Nigerian payments system had also committed to establishing an integrated dispute resolution platform for the industry and enhanced their payment system infrastructure and processes to reduce incidence of transaction failure.
The Central Bank of Nigeria has directed all banks in the country to resolve backlog of all ATM, PoS and Web customer refunds within two weeks from June 8, 2020.
The CBN, which made this known in a statement on Sunday, also reviewed timelines for reversals or resolution of refund complaints on electronic channels by making it shorter.
According to the CBN, under the new revised directive, when customers use their cards on their bank’s ATMs and the transaction fails, it must be instantly reversed rather than 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, the apex bank said.
For failed ATM transactions where customers use their cards on other banks’ ATMs, refunds shall not exceed 48 hours from the current three to five days, it added.
The CBN further stated that the resolution of disputed, failed PoS or Web transactions shall now be concluded within 72 hours from the current five days.
The apex bank also noted that the revised timeline was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
Meanwhile, the CBN stated key service providers in the Nigerian payments system had also committed to establishing an integrated dispute resolution platform for the industry and enhanced their payment system infrastructure and processes to reduce incidence of transaction failure.
The apex bank enjoined members of the public to refer to the updated Guidelines for the Operation of Electronic Payment Channels on its website for further details.