The Central Bank of Nigeria (CBN) has reviewed downwards the processing time for reversal of failed ATM, POS, and Web transactions.
The apex bank amended its guidelines for the operation of electronic payment channels, directing banks and payment service providers to resolve customers’ chargeback complaints on electronic channels within the new recommended timelines from 8th June 2020.
The circular signed and issued by the Director of Payments System Management of the bank Musa I. Jimoh on Sunday, directed all the banks in the country, will from the stipulated date, expected to reverse failed on-us ATM transactions immediately from the current timeline of 3 days or within 24hours in cases where manual reversal is involved as a result of technical issues of system glitches.
The circular as directed that the timeline for the reversals of failed not-on-us ATM transactions shall not exceed 48 hours from the current 3 to 5 days.
The bank also directed that refunds on disputed/failed POS/Web transactions shall be effected within 48 hours from current 5 days.
“All Switches are to adjust the chargeback cycle in their dispute resolution systems to 24 hours from 72 hours.
“All Acquirer-initiated refunds shall henceforth be initiated by all banks within 48 hours.
“Processors are to provide daily settlement reports latest 8.am on T+1 basis.
“NIBSS shall send daily reports on reversals to processors on or before 10pm each day,” the document read in part.