CBN issues ultimatum to banks on failed ATM, POS, web transactions

The Central Bank of Nigeria, CBN, has given a two-week ultimatum to banks in the country to resolve the backlog of all ATM, POS and Web customer refunds.

With the ultimatum starting on June 8, 2020, the CBN stated that in situations where the failed ‘On-Us’ ATM transactions are caused by a technical issue, the timeline for reversion must not exceed 24hours.

The statement read: “All banks in the country are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.

“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.

“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 days.”

The apex bank added that in situations where the failed ‘On-Us’ ATM transactions is caused by a technical issue, the timeline for reversion must not exceed 24hours.

“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.

“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020,” it stated.