By Tony Obiechina, Abuja
Determined to further enhance quality service delivery for bank customers, the Central Bank of Nigeria (CBN) has revised timeliness for reversals and resolution of refund complaints on electronic channels.
A statement by the Director of Corporate Communications, Mr Isaac Okorafor said the revision which takes effect from June 8, 2020, particularly affects quick refunds when customers experience failed transactions, dispense errors or disputes.
According to the statement, areas affected include, 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 (3) days; Where
instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
It also listed 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 3-5 days.
Others are, resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
The Apex bank therefore directed “All banks to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.
Meanwhile, the statement added, “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 (www.cbn.gov.ng) for further details”, the statement added.
