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Business News of Sunday, 31 May 2020

Source: www.mynigeria.com

CBN revises timelines for dispense errors, refund complaints

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The Central Bank of Nigeria has waded into the issue of failed transactions and dispense errors to provide solutions to these issues for good.

It listed timelines for resolution of electronic complaints and stressed that it was binding on all e-platforms beginning from June 8, 2020.

They are listed below:

"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," the statement read.

In addition, it hinted at the establishment of an integrated dispute resolution platform to reduce incidences of transaction failure in the industry.