CBN Issues New Directives To Banks On Resolution Of Failed ATM, POS And Web Transactions, Debunks Existence Of N2000, N5000 Notes


Banks To Pay N2m Fine For Excessive Charges On Customers — CBN
Central Bank of Nigeria
has issued new directives to banks regarding all ATM, POS issues and web customer refunds.

The apex bank in a statement on its verified Twitter page instructed all banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020.

According to a statement from the Director, Corporate Communication, Isaac Okorafor, the new directives is to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes.

CBN instructed that resolution of failed PoS or web transactions should be concluded within 72 hours from the current five days.

A part of the statement reads;

All banks in the country are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.

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

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.

The apex bank added;

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.

It added that key service providers in the Nigerian payments system are committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidents of transaction failure.

CBN expressed that;

Members of the public are therefore required to refer to the updated guidelines for the operation of electronic payment channels on the bank’s website.

The apex bank has also reacted to the circulation of pictures and videos of new N2,000 and N5,000 banknotes in the country.

There were rumors over the weekend that some persons were in possession of such banknotes

However, the apex bank on its official Twitter page, said the videos and pictures of N2000 banknotes are  fake.

The post read;

Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake. Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies.

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