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Failed transactions: CBN orders banks to make quick refunds to customers

The Central Bank of Nigeria (CBN), in its determination to further enhance service quality,

particularly quick refunds when customers experience failed transactions, dispense errors

or disputes, has revised timelines for reversals and/or resolution of refund complaints on

electronic channels, with effect from June 8, 2020.

CBN Director, Corporate Communications, Isaac Okorafor, in a statement issued on Sunday in Abuja listed the new requirements 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 ( for

further details.

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