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:
- 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.
- 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 3-5 days.
- Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.
- 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: