2020-05-31 | PSM/DIR/CON/CWO/07/127

Reduction of Chargeback Period for ATM, POS and Web Transactions in the Guidelines for the Operation of Electronic Payment Channels

The Central Bank of Nigeria (CBN) has issued a letter to banks and payment service providers, reducing the chargeback period for ATM, POS, and web transactions. The CBN has implemented reforms to enhance the resilience of the payment system infrastructure and expand electronic payment options. The letter outlines revised timelines for resolving customer chargeback complaints, with instant reversals for failed on-us ATM transactions and shorter deadlines for refunds on failed not-on-us ATM and disputed/failed POS/Web transactions.

Nigeria

Central Bank of Nigeria

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