The Central Bank of Nigeria has announced new directives to
banks in regards to ATM, POS and web customer refunds.
The apex bank in a statement on its verified Twitter page
instructed that all banks, starting June 8, 2020, must resolve all backlog of
ATM, POS and web customer transactions within two weeks.
CBN instructed that henceforth refunds for failed
“Not-on-Us” ATM transactions (where customers use their cards on other banks’
ATMs) must not exceed 48 hours.
Also, resolution of failed PoS or Web transactions should be
concluded within 72 hours from the current five) days.
“Resolution of disputed/failed PoS or Web transactions shall
be concluded within 72 hours from the current five days.
“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 apex bank added that in situations where the failed
‘On-Us’ ATM transactions is caused by a technical issue, the timeline for
reversion must not exceed 24hours.
“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.
“All banks are directed to resolve backlog of all ATM, POS
and Web customer refunds within two weeks starting June 8, 2020,” it stated.
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Many thanks, Nigerians are loosing money everyday as plea for reversal always fall on deaf ears. A customer who is a fisherman lost 20k in this covid 19 period
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