The Central Bank of Nigeria, CBN, has ordered all banks to resolve all issues relating to Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020.
The Director, Corporate Communication, CBN, Isaac Okorafor, said this in a statement signed on Monday.
The CBN stated, “All banks are directed to resolve backlog of all ATM, PoS and web customer refunds within two weeks starting June 8, 2020.”
It also said, “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.
“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 three to five days.
“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.”