CBN Revises timelines for dispense errors, refund complaints

The Central Bank of Nigeria (CBN), on Sunday, revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020.

This is in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.

Consequently, 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 3-5 days.

Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.

In a statement signed by Isaac Okorafor, director, corporate communications department, the CBN directed all banks 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 establishing 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 (www.cbn.gov.ng) for further details,” the statement reads.

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.