A statement by the
CBN Director of Corporate Communications, Isaac Okorafor, said the new
directive takes effect from June.
The CBN said the
adjustment on failed “Automated Teller Machine (ATM) transactions,” when
customers used their cards on their bank ATMs, would now be instantly reversed
from the current timelines of three days.
According to the
statement, where instant reversal failed due to any technical issue or system
glitch, the timeline for manual reversal should not exceed 24 hours.
The statement
explained further that refund for failed “Not on us ATM transaction”, where
customers used their cards on other bank’s ATMs, should not exceed 48 hours
from the current three to five days.
Mr Okoroafor said
resolution of disputed and failed POS or Web transactions should be concluded
within 72 hours from the current five days.
The statement added
that the new directive is aimed at further enhancing service quality and hasten
quick refunds when customers experience failed transactions, dispense error or
dispute.
“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 said.
All banks are
directed to resolve backlog of ATM, POS and web customer refunds within two
weeks, the CBN said.
Additionally, key
service providers in Nigerian financial system have also committed to
establishing integrated dispute resolution platform for the industry and
enhance their payment system infrastructure to reduce incidences of transaction
failure, the apex bank added.
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