Nigeria’s Central Bank has announced new bank directives regarding refunds for ATMs, POSs and web customers.
CBN instructed that thereafter refunds should not exceed 48 hours for failed “Not-on-Us” ATM transactions (where customers use their cards on ATMs of other banks).
Resolution of failed PoS or Web transactions should also be completed within 72 hours of the current five-day period.
The statement read: “All banks in the country shall address the backlog of all refunds to ATM, POS and Web customers within two weeks from 8 June 2020
“Resolution of controversial / failed PoS or Site transactions is to be completed within 72 hours of the existing five days.
“Failed” On-Us “ATM transactions (when customers use their cards on their bank’s ATMs) are to be reversed immediately from the current three-day timeline.”
The apex bank added that in situations where a technical failure triggers the failed ‘On-Us’ ATM transactions, the timeframe for reversal should not exceed 24hours.
“Refunds for failed” Not-on-Us “ATM transactions (where customers use their cards on ATMs from other banks) shall not exceed 48 hours from the 3-5 day period.
“All banks are directed to resolve the backlog of all refunds to ATM, POS and Web customers within two weeks from June 8, 2020,” it said.