Covid-19: Banks suspend ATM, PoS transactions failure resolution

Nigerian banks have suspended resolutions of transaction failures on Automated Teller Machines (ATMs) and Point of Sales (PoS) following the restriction of movement in Abuja, Lagos and Ogun States for a period of two weeks starting from 11pm, March 30, 2020 as announced by the Federal Government.

Lenders on Friday sent messages across their customers informing them that the dispute management portal will remain temporarily closed and processing of all dispute transactions on ATM/POS(International or Local) will be put on hold until normalcy is restored.

Access Bank Plc in a notice to its customers said if they have transactions to dispute, they should call into the Contact Centre with adequate details of transaction(s) to be disputed.

“You will receive a case ID confirming that your complaint has been captured.

However, this will remain in our system till the dispute management portal is opened for disputed transactions to be logged for resolution,” the bank said.

This implies that it will take longer than the stipulated time to receive a conclusive resolution.

Fidelity Bank Plc also issued notice to its customers saying “kindly be informed that Interswitch has obtained approval from the Central Bank of Nigeria to suspend operations on its Dispute Management Portal due to COVID-19 movement restrictions”.

Consequently, refunds for failed Visa and Verve card transactions on other banks ATMs and POS terminals will not be processed until the suspension is lifted.

“We therefore advise that you use Fidelity Bank ATMs for your cash withdrawal and also, opt for Online Banking, NIP and Instant Banking in making payments instead of POS during this period”.

The bank said this does not apply to Mastercard transactions.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.