The Central Bank of Nigeria (CBN) has adjusted timelines for reversals and resolution of refund complaints on electronic channels.
has adjusted timelines for reversals and resolution of refund complaints on electronic channels.
The CBN said the adjustment on failed “Automated Teller Machine transactions,” when customers used their cards on their bank ATMs, would now be instantly reversed from the current timelines of three days. The statement explained further that refund for failed “Not on us ATM transaction”, where customers used their cards on other bank’s ATMs, should not exceed 48 hours from the current three to five days.
The statement added that the new directive is aimed at further enhancing service quality and hasten quick refunds when customers experience failed transactions, dispense error or dispute.“Members of the public are therefore requested to refer to the updated guidelines for the operation of electronic payment channels on the bank’s website www.cbn.gov.ng for further details,” the statement said.
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