Home Business CBN REVISES TIMELINES FOR DISPENSE ERRORS, REFUND COMPLAINTS

CBN REVISES TIMELINES FOR DISPENSE ERRORS, REFUND COMPLAINTS

CBN REVISES TIMELINES FOR DISPENSE ERRORS, REFUND COMPLAINTS

 The Central Bank of Nigeria, CBN has reduced timelines for ATM dispense errors, complaints resolution, effective from June 8, 2020.

According to a statement by the CBN Director of Corporate Communications, Isaac Okorafor, the revised timelines for reversals and or the resolution of refund complaints on electronic channels is in CBN’s resolve to further improve service quality.

It explained that Failed “On-Us” ATM transactions, that is, when customers use their cards on their bank’s ATMs, shall be instantly reversed from the current timeline of three days.

Where instant reversal fails due to any technical issue, the timeline for manual reversal shall not exceed 24 hours.

Meanwhile, refunds in situations 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 days.