In its effort to enhance quality service delivery CBN Issues New Directives To Banks On Swift Resolution Of Transaction Issues, including dispense errors and failed transactions. The Central Bank of Nigeria has dished out new directives to banks with regard to POS, ATM and web customer refunds. In a statement on its verified Twitter handle, the Apex bank emphasized that all backlog of issues and errors on transactions including ATM, POS and web customer must be resolved within two weeks starting from June 8, 2020.
Adding that in situations where the failed 'On-Us' ATM transactions are caused by a technical issue, the timeline for reversion must not exceed 24hours.
The statement read: “All banks in the country are directed to resolve the backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020 “Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days. “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.”