TheCable

The Central Bank of Nigeria (CBN) has introduced a new timeline within with banks must resolve complaints relating to automated teller machine (ATM) dispense errors and failed point of sale (PoS) transactions.

In a statement released on Sunday by Isaac Okorafor, CBN director of corporate communications, the apex bank said the new guidelines are aimed at improving the service quality.

“The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or the resolution of refund complaints on electronic channels, with effect from June 8, 2020,” the statement read.

Effective June 8, banks have been mandated to ensure that failed on-us ATM transactions (when customers use their cards on their bank’s ATMs) are reversed instantly; different from the current three-day timeline.

“Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours,” the statement said.

“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.

“All banks are directed to resolve the backlog of all ATM, PoS and web customer refunds within two weeks starting June 8, 2020.”

The apex bank said it would impose sanctions, in the form of monetary penalties/or suspension of the acquiring/processing service(s) or both, would be imposed on erring institutions for failure to comply.