CBN order banks to resolve ATM dispense errors, others from June 8

CBN direct banks to resolve ATM dispense errors, others from June 8
The Central Bank of Nigeria (CBN) has directed banks to resolve backlogs of all Automated Teller Machine (ATM), Point of Sale (PoS) and web customers refunds within two weeks starting from June 8.

The apex bank disclosed this today in a circular announcing the revision of timeline for dispense error and refund complaints.

The circular signed by Director Corporate Communication, CBN, Isaac Okoroafor stated: “The CBN, in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or the resolution of refund complaints on electronic channels, with effect from June 8. 2020 as follows:

” 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.

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” 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.

“Meanwhile, key service providers In the Nigerian payments system have also commuted 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.”

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