CBN reduces timelines for refund, dispense errors complaints

The Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels with effect from June 8, 2020.

According to the CBN, in a statement on Sunday, the bank stated that with regards to failed transaction, “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.

All banks have been ordered to “resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.

The CBN has revealed that, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry.

This is to enhance their payment system infrastructure and processes to reduce incidences of transaction failure.