CBN Revises Timelines for Dispense Errors, Refund Complaints

The Central Bank of Nigeria has issued a timeline for dispense errors and refund complaints. In a Circular released and signed by the Director Corporate Communications, Isaac Okorafor indicates that:

  1. 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 (3) days.
  2. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
  3. 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 3-5 days.
  4. Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
  5. All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020

Below is a copy of the Circular:

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