CBN on ATM Failure Reversal
The Central Bank of Nigeria, CBN has set new deadlines for the reversal of all bank electronic financial/ money transfers.
According to a release by the CBN on the new development, the reversal of all “On-Us” ATM failed transactions should be instant against the former three days deadline. The CBN explained that this will be applicable when the customer used their credit cards on their banks’ ATM.
The apex bank also stated that “where instant reversal fails due to any technical issue glitch, the timeline for manual reversal shall not exceed 24 hours.”
The apex bank also stated that all “refunds for failed “Not-on-Us” ATM transactions, when the ATMs of other banks were used should not take more than 48 hours.
On the new deadlines set by the CBN, it stated that resolving all disputed or failed PoS or Web transactions should not take more that 72 hours now, away from the current five days deadline.
According to the CBN the new deadline for ATM failure reversal is geared towards enhancing the payment system infrastructure and processes of Nigerian key service payment service providers.
The CBN stressed that these would also reduce incidences of transaction failures.The new deadline for ATM failure reversal is to take effect from Monday June 8, 2020.
It would be recalled that Nigerians have at different times been at the receiving end when their transactions on ATMs or PoS fail and reversal sometimes becomes difficult or impossible.
Bank customers have been seen creating a scene in banking halls due to none or delayed reversal of fund transferred or meant to be withdrawn from ATMs or Pos.
The hope of Nigerians is that these new deadlines would be well followed and effected by the Nigerian banks.