CBN sets new timelines for banks to resolve ATM dispense errors, refund complaints * Calls for instant reversal on failed ATM withdrawals

CBN sets new timelines for banks to resolve ATM dispense errors, refund complaints

* Calls for instant reversal on failed ATM withdrawals

By Udeme Clement

The banking public has received good news this week, as the Central Bank of Nigeria, CBN, sets new timelines for resolution of failed e-transactions.

The Apex Bank, which is the Monetary Authority, has issued an official statement directing all deposit money banks in the country to follow the new timelines.

Therefore, in line with the new directives, failed ATM transactions occuring when customers try to withdraw from their banks should be reversed instantly.

More so, If instant reversal fails due to technical problems, the cash should be manually reversed within 24 hours, instead of the previous
reversal period of 3 working days.

In the same vein, the Apex Bank directed 48 hours resolution on failed ATM withdrawals occurring when customers use their ATM cards in other banks, instead of the previous 3 working days.

Accordingly, the new directives required that from June 8, 2020, commercial banks are to resolve all failed online transfers, as well as POS transactions within 72 hours.

This implies that resolution of such compliants will no longer take 5 working days, as it was before issuance of the new timelines