Central Bank of Nigeria, CBN made this known in a statement on Sunday. The bank has also reviewed timelines for reversals or resolution of refund complaints on electronic channels by making it shorter.
Under the new revised directive, when customers use their cards on their bank’s ATMs and the transaction fails it must be instantly reversed rather the current timeline of 3 days. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
For failed ATM transactions where customers use their cards on the ATMs of other banks refunds shall not exceed 48 hours from the current 3-5 days.
Resolution of disputed, failed PoS or Web transactions shall now be concluded within 72 hours from the current 5 days.
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The bank noted that the revised timeline is to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
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 incidence 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 CBN website for further details
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