Mr. Isaac Okorafor, Director, Corporate Communications Department, CBN

E-Payments: CBN reviews timelines for dispense errors, consumer refund complaints

Isola Moses | ConsumerConnect

In its determination to further enhance service quality, particularly quick refunds when consumers of financial products and services experience failed transactions, dispense errors or disputes, the Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels effective Monday, June 8, 2020.

Mr. Isaac Okorafor, Director, Corporate Communications Department of CBN, in a press release dated June 1, 2020, on the CBN Web site, the Bankers’ Bank outlines the new timelines as follows:

1) Failed “On-Us” ATM (Automated Teller Machine) 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.

2) 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.

3) Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.

4) All banks are directed to resolve backlog of all ATM, POS (Point of Sale) and Web customer refunds within two weeks starting June 8, 2020.

CBN Headquarters, in Abuja, FCT.

Mr. Okorafor stated that the key service providers in the Nigerian electronic payments ecosystem have also committed to establishing an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

The statement, therefore, urges members of the public to refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Apex Bank’s Web site at www.cbn.gov.ng for further details on the development.

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