CBN orders banks to adopt instant reversal and refund to customers on failed transactions

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The Central Bank of Nigeria, CBN has adjusted timelines for reversals and resolution of refund complaints on electronic channels.

A statement by the CBN Director of Corporate Communications, Issac Okoroafor, said the new directive takes effect from this month.


The CBN said the adjustment on failed, Automated Teller Machine, ATM transactions, when customers used their cards on their bank ATMs, would now be instantly reversed from the current timelines of three days.


The CBN says where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal should not exceed 24hrs.


The statement added that the new directive is aimed at further enhancing service quality and hasten quick refunds when customers experience failed transactions, dispense error or dispute.

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