Saturday, July 31st, 2021

CBN adjusts Timelines for ATM Errors, 24 Hours Reversal

The Central Bank of Nigeria (CBN) have  adjusted the existing timelines for handling the errors associated with the Automated Teller Machine (ATM), such as failed transactions, money reversal, among others.

Automated Teller Machine, ATM

In a press statement signed by Isaac Okorafor, the Director of the Apex bank Corporate Communications, it can be confirmed that this adjustment is to take effect from the 8th of June, 2020.

It states that, The Central Bank of Nigeria (CBN), is determined to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels.

The first issue adjusted is when customers use their cards on their bank’s ATMs, it 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.

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Second, where customers use their cards on other banks’ ATMs, it shall not exceed 48 hours from the current 3-5 days.

Third, resolution of disputed or and failed Point of Sale (PoS) or Web transactions shall be concluded within 72 hours from the current five (5) days.

Lastly, all banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020

The concluding part of the press release reads that: “key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.”

The Central Bank of Nigeria (CBN) also encourage members of the public  to always refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Bank’s website HERE for further details.

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