CBN revises timelines for dispense errors, refund complaints
CBN revises timelines – The Nigerian apex bank (CBN), with advancement in technology and the need to further enhance customer experience while trying to resolve issues that emanate with customers en-route to using bank services, had further reviewed the turn-around time (TAT).
Transactions affected are stated below;
Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of (3) three 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 bank’s 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 (5) five days.
All banks are directed to resolve backlog of all ATM, POS and web customer refunds within two weeks effective June 8, 2020
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