The Central Bank of Nigeria, CBN has instructed all commercial banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8th. It also reviewed timelines for reversals and resolution of refund complaints on electronic channels.
The Director, Corporate Communication, CBN, Isaac Okorafor in statement said this was to enhance service quality, quick refunds when customers experience failed transactions, dispense errors or disputes.
The Apex Bank added that all banks are ordered to resolve backlog of all ATM, PoS and web customer refunds within two weeks starting June 8th. It explained that “Failed ‘On-Us’ ATM transactions when customers use their cards on their bank’s ATMs shall be instantly reversed from the current timeline of three days.
The state said key service providers in the Nigerian payments system had committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidents of transaction failure.