CBN revises timelines for dispense errors, refund complaints
The Central Bank of Nigeria (CBN) on Sunday revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.
This is in its determination to enhance the banks payment system infrastructure and processes to reduce incidences of transaction failure.
So, “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.
Also “where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours,” the CBN said.
The CBN has ruled: “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.”
Resolution of disputed/failed PoS or Web transactions will now be concluded within 72 hours from the current five (5) days.
The Apex bank has revealed that, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry.
November 30, 2022
November 28, 2022