The Central Bank of Nigeria has directed all banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions withi
n two weeks, starting June 8, 2020.A statement signed by the Director, Corporate Communication, CBN, Isaac Okorafor, said this was to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.
It also said, “Failed ‘On-Us’ ATM transactions shall be instantly reversed from the current timeline of three days. “Refunds for failed ‘Not-on-Us’ ATM transactions shall not exceed 48 hours from the current three to five days.
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