The Central Bank of Nigeria (CBN) on Sunday asked commercial banks and service providers to reverse failed e-payment transactions instantly.
Central Bank of Nigeria (CBN) Director, Corporate Communications Department, Isaac Okorafor, who disclosed it in a statement, said that effective June 8, failed “On-Us” Automated Teller Machine (ATM) transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days.
Okorafor said the move was in line with the CBN’s determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, revised timelines for reversals and/or resolution of refund complaints on electronic channels.
Also, where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
The apex bank also stated that 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.
Also, resolution of disputed/failed Point of Sale (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.
Okorafor said that service providers in the Nigerian payments system are to also establish an integrated dispute resolution platform for the industry to enhance quick resolution of customers’ complaints. He said the project will enhance service providers’ payment system infrastructure and processes to reduce incidences of transaction failure.
