NEWS | LYRICS | DJ MIX | ALBUM | SPORTS |


To Promote whatsapp 08068683302 0r 08072749790

« | »

CBN gives banks 24hrs to reverse ATM failure

Published by on June 1st, 2020.


The Central Bank of Nigeria (CBN), has  revised  timelines  for  reversals  and/or  resolution  of  refund complaints on electronic channels.

The revised timelines will take effect from June 8, 2020.

According to a statement issued in Abuja yesterday, the apx bank stated that with regards to 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.

Also, “where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours” the CBN said.

The CBN has ruled that “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 will now be concluded within 72 hours from the current five days.

All banks have been ordered to “resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.

The CBN has revealed that, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry.

This is to enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

Share this:

Like this:

READ ME  Lagos government seals off 34 buildings in Banana Island for not having land permits (photos)

TRENDING SONGS

Song Music: Fireboy DML – Tattoo Song Video: DJ Tunez ft. Wizkid – Cool Me Down Song Music: Cracker Mallo ft Fireboy DML – Wickedest Wyne Song Music: Tiwa Savage – Koroba Song Music: May D ft. Davido – Lowo Lowo (Remix) Song Music: Patoranking – Abule Song Mixtape: Dj Scratch Ibile – TesiNaPot / GaBaShi Mixtape Song Music: Jaido P ft Olamide – TesiNaPot Song Mixtape: Dj Scratch Ibile – Best Of Saoti Arewa Song Reminisce – Vibes and Insha Allah EP

CLICK TO DROP YOUR COMMENT

Share this post with your friends on


0 Responses

Leave a Reply

NOTE:- Make your comment a bit long to get it approved.



Go Back To The Top

« | »


Looking for something? Search below







%d bloggers like this: