The Central Bank of Nigeria (CBN), in a bid to enhance service quality when customers experience failed transaction, dispense errors or dispute has revised directives for resolutions of POS failed transaction and complaints on electronic channels.
This was disclosed by CNB on its official twitter handle.
It stated that;
The apex bank revealed that the new resolution will take effect from 8 of June, 2020.
Meanwhile, Key service providers are ready to assist by establishing an integrated dispute resolution platform to enhance payment system and processes to reduce incidence of bank transaction failures.
This was disclosed by CNB on its official twitter handle.
It stated that;
- 1. 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.
- 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.
- Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
- All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020
The apex bank revealed that the new resolution will take effect from 8 of June, 2020.
Meanwhile, Key service providers are ready to assist by establishing an integrated dispute resolution platform to enhance payment system and processes to reduce incidence of bank transaction failures.
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