CBN directs Banks to resolve backlog of electronic transactions within 2 weeks

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CBN Governor, Mr Godwin Emefiele

Banks have been directed to resolve all backlog issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020.

The directive which was issued by the Central Bank of Nigeria (CBN) also revised the timelines for reversals and resolution of refund complaints on electronic channels.

A statement from the apex banks Director, Corporate Communication, Isaac Okorafor, said the directive takes effect from June.

“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,” the statement explained further.

The regulatory body also stated that resolution of disputed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.

Meanwhile, the apex bank has directed key service providers in the Nigerian payments system to also commit to establishing an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.