Business: CBN Issues New Directives To Banks

The Central Bank of Nigeria has directed all banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020.

It also revised timelines for reversals and resolution of refund complaints on electronic channels.

A statement signed by the Director, Corporate Communication, CBN, Isaac Okorafor, said this was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes. 

“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 three to five days.

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

It added that key service providers in the Nigerian payments system had committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidents 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,” it stated.