CBN Tells Nigerian Banks To Refund All Customers For Failed Transactions On ATMs And POS

Nigeria’s Central Bank has announced new bank directives regarding refunds for ATMs, POSs and web customers.

In a statement on its verified Twitter account, the central bank instructed all banks to address all backlogs of ATM, POS and web customer transactions within two weeks beginning June 8, 2020.

CBN instructed that thereafter refunds should not exceed 48 hours for failed “Not-on-Us” ATM transactions (where customers use their cards on ATMs of other banks).

Resolution of failed PoS or Web transactions should also be completed within 72 hours of the current five-day period.

The statement read: “All banks in the country shall address the backlog of all refunds to ATM, POS and Web customers within two weeks from 8 June 2020

“Resolution of controversial / failed PoS or Site transactions is to be completed within 72 hours of the existing five days.

“Failed” On-Us “ATM transactions (when customers use their cards on their bank’s ATMs) are to be reversed immediately from the current three-day timeline.”

The apex bank added that in situations where a technical failure triggers the failed ‘On-Us’ ATM transactions, the timeframe for reversal should not exceed 24hours.

“Refunds for failed” Not-on-Us “ATM transactions (where customers use their cards on ATMs from other banks) shall not exceed 48 hours from the 3-5 day period.

“All banks are directed to resolve the backlog of all refunds to ATM, POS and Web customers within two weeks from June 8, 2020,” it said.