The Central Bank of Nigeria (CBN) has given all banks two weeks ultimatum, starting from June 8, 2020 to resolve all outstanding issues relating to failed Automated Teller Machine (ATM), Point of Sale terminal (PoS) and other electronic banking transactions.
The apex bank also revised timelines for reversals and resolution of refund complaints on electronic channels.
CBN’s Director, Corporate Communication, Isaac Okorafor, in a statement said this was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
The statement reads, “All banks are directed to resolve backlog of all ATM, PoS and web customer refunds within two weeks starting June 8, 2020.”
“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 to five days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.
It added that key service providers in the Nigerian payments system had committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidents of transaction failure.
It read further, “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”.