The Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels with effect from June 8, 2020.
According to a statement issued in Abuja, the apex bank stated that with regards to 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 CBN also said where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
The CBN has ruled 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 3-5 days.”
In addition, all banks have been ordered to “resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.