The Central Bank of Nigeria has directed all banks to resolve all
outstanding issues relating to failed Automated Teller Machine, Point of
Sale terminal and other electronic banking transactions within two
weeks, starting June 8, 2020.

It also revised timelines for reversals and resolution of refund
complaints on electronic channels. A statement signed by the Director,
Corporate Communication, CBN, Isaac Okorafor, said this was to further
enhance service quality, particularly quick refunds when customers
experience failed transactions, dispense errors or disputes.    The CBN
stated, “All banks are directed to resolve backlog of all ATM, PoS and
web customer refunds within two weeks starting June 8, 2020.”

It also said, “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.

It added that key service providers in the Nigerian payments system had
committed to establish an integrated dispute resolution platform for the
industry and enhance their payment system infrastructure and processes
to reduce incidents of transaction failure.

“Members of the public are therefore requested to refer to the updated
guidelines for the operation of electronic payment channels on the
bank’s website,” it stated.