CBN Orders Immediate ATM’s Error Reversal From June 8
AMINA HUSSAINI
Central Bank of Nigeria (CBN) has given banks two weeks, starting from June 8 to resolve all the backlog of complaints on their electronic payment platforms and refund the money to their customers.
The bank in a thread of tweets Sunday evening specifically mentioned complaints on the Automated teller machine (ATMs), Point of sales (PoS) devices, and other web platforms.
The bank gave the directives while announcing its revised timelines for Dispense Errors, Refund Complaints which says that banks should reverse instantly as against the current three days timeline, failed ATM transactions when customers use their cards on the bank’s machines.
The apex bank also ordered the banks not to exceed 24 hours to reverse the transactions and refund the money if instant reversal failed, owing to technical or system glitch.
Several bank customers have complained against the huge transaction failures on banks electronic payment channels especially during the current lockdown period. Banks have been inundated with complaints on their twitter handle, the frustrations of customers at completing online transactions.
The apex bank’s Director, Corporate Communications, Isaac Okorafor, said on Sunday that 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.
“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 three to five days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.”
He added that all banks had been directed to resolve the 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 committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.
Okorafor requested bank customers 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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