The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020, as follows:

1) 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 (3) days. Where
instant reversal fails due to any technical issue or system glitch, the timeline for
manual reversal shall not exceed 24 hours.

2) 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.

3) Resolution of disputed/failed PoS or Web transactions shall be concluded within 72
hours from the current five (5) days.

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

Meanwhile, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their
payment system infrastructure and processes to reduce incidences of transaction failure.

Members of the public are therefore requested to refer to the updated Guidelines for the
Operation of Electronic Payment Channels on the Bank’s website ( for
further details.

Isaac Okorafor
Director, Corporate Communications

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