CBN Revises Timeline (TAT) for Dispense Error Refunds and Complaints


The Central Bank of Nigeria (CBN) has, once again, shown consistency in its decision to ensure that the banking sector provides superior service by revising the Turn Around Time (TAT) for the reversal of electronic transactions. To enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, the apex bank has revised timelines for reversals resulting from botched ATM, POS, web, and other electronic transactions. Transactions are set to be faster as CBN revises the reversal timeline.


This new information was posted on the apex bank’s official twitter handle. This can also be viewed in the circulated press release. This new TAT arrangement will commence on  June 8, 2020.

The TAT Revisions

cbn revises
  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.

This means once you initiate a transaction on YOUR BANK’S ATM terminal and it fails, you should get a credit alert of that amount IMMEDIATELY. If not, you should get it within the next 24-hour working period.

  1. 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.

This means if you initiate a transaction on ANOTHER BANK’S ATM, you shall get a reversal within the next two (working) days

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

This means if you initiate a POS or Web transaction and it fails, the new reversal turn around time is THREE days. Not five.

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

As the Central Bank of Nigeria (CBN) revises the reversal timeline, they also advised all pending issues should be cleared before 8 June 2020 to avoid being overwhelmed by the new TAT policies:

“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.

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