ADVERTISEMENT
  • The Membership Club
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, January 8, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Senate confirms Godwin Emefiele as Nigeria’s next Central Bank Governor Emefiele

Godwin Emefiele, CBN governor

CBN issues new guidelines on failed bank transactions, refund complaints

byOladeinde Olawoyin
June 2, 2020
1 min read
ADVERTISEMENT

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, Isaac Okorafor, said the new directive takes effect from June.

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.

According to the statement, where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal should not exceed 24 hours.

The statement explained further that refund for failed “Not on us ATM transaction”, where customers used their cards on other bank’s ATMs, should not exceed 48 hours from the current three to five days.

Mr Okoroafor said resolution of disputed and failed POS or Web transactions should be concluded within 72 hours from the current five days.

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.

READ ALSO: Transactions remain upbeat on NSE, indices up 1.09 per cent

“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 www.cbn.gov.ng for further details,” the statement said.

All banks are directed to resolve backlog of ATM, POS and web customer refunds within two weeks, the CBN said.

Read Also

#PTJobs: Network Services Engineer At iPNX Nigeria Limited

#PTJobs: Wi-Fi Project Engineer At iPNX Nigeria Limited

#PTJobs: Vacancy Announcement for Directors, IT Officer and Social Media Marketer

Additionally, key service providers in Nigerian financial system have also committed to establishing integrated dispute resolution platform for the industry and enhance their payment system infrastructure to reduce incidences of transaction failure, the apex bank added.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (5)
premiumtimes



PT Mag Campaign AD

Previous Post

Biafra Remembrance Day: Why grievances, resentments linger 50 years after

Next Post

Trump vows to deploy military to quell U.S. protests

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

Founder of the electronic automobile company, Tesla Inc., Elon Musk

Elon Musk is world’s richest man; Dangote still Africa’s wealthiest

January 7, 2021
Nigeria Police officers

Armed robbers kill Nigerian policeman in gun duel

January 7, 2021
Olurunimbe Mamora

COVID-19 vaccines may not arrive as quickly as expected — Nigerian Official

January 7, 2021
Obat Oil

Court orders sale of Obat Oil’s hotel to offset N5 billion debt

January 7, 2021
Facebook CEO Mark Zuckerberg arrives to testify before a joint hearing of the US Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee on Capitol Hill, April 10, 2018 in Washington, DC. Photo: JIM WATSON/AFP/Getty Images (Photo Source: racked.com)

Facebook bans Trump ‘indefinitely’

January 7, 2021
A power transmission station

FG directs reversal of electricity tariff adjustment

January 7, 2021
Next Post
Protesters gather calling for justice for George Floyd on Tuesday, May 26, 2020, in Minneapolis. Four Minneapolis officers involved in the arrest of Floyd, a black man who died in police custody, were fired Tuesday, hours after a bystander's video showed an officer kneeling on the handcuffed man’s neck, even after he pleaded that he could not breathe and stopped moving. (Carlos Gonzalez/Star Tribune via AP)

Trump vows to deploy military to quell U.S. protests

Discussion about this post

Search

#EndSARS: Latest Updates




Buhari Birthday


Polaris Bank




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.