Nigeria: CBN issues new directives for refunds of failed transaction

The Central Bank of Nigeria (CBN), has issued new directives to banks for refunds to customers on any failed transactions through ATMs, PoS, internet transfer, and e-platforms transactions, according to a news report by Daily Trust.

The latest timelines for banks to ensure strict compliance was contained in a statement issued by the Apex Bank's Director, Corporate Communication, Isaac Okorafor.

He stated that the revised timelines were part of the bank's efforts to enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.

Specifically, he stated that revised timelines for reversals and/or the resolution of refund complaints on electronic channels which takes effect from June 8, 2020, were as follows:

"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."

"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 the backlog of all ATM, POS, and Web customer refunds within two weeks starting June 8, 2020", he added.