Adedapo Adesanya
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has given banks a two-week ultimatum, starting from June 8, 2020, to resolve all errors or complaints involving failed Automated Teller Machines (ATM), Point of Sale (POS) terminals and other electronic banking transactions.
The apex bank also gave timelines for reversals and resolution of refund complaints on electronic channels.
The Director of Corporate Communication at the CBN, Mr Isaac Okorafor, in a statement seen dated June 1, 2020, noted that the review was to further enhance service quality, particularly quick refunds when customers experience failed transactions, and dispense errors or disputes.
“The Central Bank of Nigeria (CBN),in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020, as follows:
“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. Where instant reversal fails due to any technical issueor 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 3-5 days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8,2020
“Meanwhile, 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.
“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 read.
