Customers Smile As CBN Reviews Guideline On Dispense Errors

By GWG Staff

In an apparent determination to boost use of alternative payment channels, the Central Bank of Nigeria (CBN) has revised timelines for the resolution of errors and complaints on electronic channels.

The new timeline according to the Bank takes effect from June 8.

The development which is bound to excite bank customers and put the banks under more pressure is in line with the apex bank’s campaign to boost the use of electronic channels.

In 2019, the Nigerian Inter-Bank Settlement System (NIBSS), put the value of point of sale (POS) transactions at ₦3.2 trillion ($8.854 billion) in 438 million transactions.

That was a 37.9% increase from the ₦2.32 trillion ($6.4 billion) in 2018 with corresponding increase in transactions by 53.4% from 285.8 million.

The statement issued by Isaac Okoroafor, the CBN’s director of corporate communications put the timeline as follows:

1) 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.

2) 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.

3) Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.

4) All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020

Meanwhile, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

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).

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