Regulatory Alerts2013-01-07 | BPS/DIR/GEN/CIR/01/018E-Payment Dispute Arbitration Framework
The proposed E-Payment Dispute Arbitration Panel seeks to establish a robust framework for addressing card-related disputes and fraud. It proposes the establishment of a dedicated panel consisting of representatives from various stakeholders within the Nigerian financial ecosystem. These include the Central Bank of Nigeria, Financial Regulation Authorities, banks, payment system providers, merchants, law firms, and the technology sector. The proposed framework addresses issues like lost or stolen cards, trapped cards, chargebacks, cash advances, SIM and SAM card registration, web merchant and payment gateway registration, and data retention requirements. It also highlights the importance of implementing standardized security measures, such as multi-factor authentication for online transactions and PIN changes upon collection of Payment Cards. The proposed panel will serve to resolve disputes in a timely manner, ensuring that all parties involved adhere to the established guidelines. By doing so, it aims to create a secure and efficient electronic payment system within Nigeria, fostering trust among consumers, businesses, and financial institutions alike.