The Central Bank of Nigeria in a Press Release on Monday, June 1 2020 seen by Investogist, revised the timelines for the resolution of dispense errors and refund complaints in Nigeria. The new guidelines will take effect from 8 June 2020.
The Apex bank said the revision is due to “its determination to further enhance service quality, quick refunds,when customers experience failed transactions, dispense errors or disputes”
The press release signed by the Director Corporate Communications, Isaac Okorafor reduced the timeline for the resolution of Failed “On-Us” ATM transactions to maximum of 24 hours whereas failed “Not-on-Us” ATM transactions will be resolved within 48 hours.
“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 (3) 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 3-5 days.”
However, disputed PoS or Web transactions will be settled within 72 hours according to the press release.
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The Apex bank also directed all the banks in Nigeria to resolve every outstanding disputes relating to ATM, PoS, and Web transactions within 2 weeks starting from 8 June 2020.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.”
“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.”
In another development the CBN said that the “videos and pictures of purported circulation of N2,000.00 and N5,000.00 banknotes are false and fake”. Although the it did not state whether the banknotes exist or not.
Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake. Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies
— Central Bank of Nigeria (@cenbank) May 31, 2020
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Written by;
Ifunanya Ikueze
