Failed Transaction: CBN Reviews Timeline for Dispense Errors, Refund, Others
Central Bank of Nigeria CBN has disclosed that it revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.
A statement signed yesterday by the apex bank corporate communication director, Mr Isaac Okorafor explained that the reversal was in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
It also added that as follows the timelines for reversals and/or resolution of refund complaints on electronic channels will now be in the following order: Failed “On-Us” ATM transactions, when customers use their cards on their bank’s ATMs, it 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.
Also the refunds for failed “Not-on-Us” ATM transactions that is where customers use their cards on other banks’ ATMs, shall not exceed 48 hours from the current 3-5 days.
The resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days while 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 for further details.