The Central Bank of Nigeria has further reduced the timelines for banks and other financial service providers to address customers’ complaints on failed Automated Teller Machine and Point-of-Sale systems in the country.
The apex bank, some days leading to the new month, had released guidelines binding on every operator of electronic payment channel in the country.
According to the Director, Corporate Communications of CBN, Isaac Okoroafor, the new guidelines are efforts by the regulator to further enhance service quality and dispense errors or disputes.
Following a slight adjustment to the guideline released on Sunday, the CBN said, “All failed ‘On-U’s ATM transactions (when customers use their cards on their bank’s ATMs) shall be reversed from the current timeline of three days. When the instant reversal fails due to technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
“Refunds for failed ‘Not-On-U’s 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.”
Financial Street gathered that the new guidelines would be effective from Monday, June 8, 2020.
Get real time update about this post categories directly on your device, subscribe now.