Frustration, agony continues for Nigerian banks’ customers

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The unending complaints of non-reversal of banks’ failed customer transactions have continued to raise serious concerns within Nigeria’s financial sector.

over 60 per cent of complaints from banks’ customers hover around failed transactions.

The development is causing pain, frustration and agony for many customers.


However, at a sensitization fair in Bauchi last week, the Central Bank of Nigeria, the regulator of the Country’s financial sector, said that commercial banks’ customers got N115 billion in refunds of failed transactions within ten years.

Recall that in June 2020, the CBN, in an effort to curb incessant complaints from banks’ customers, issued a revised timeline for the Dispense Errors refunds.

The CBN said that for ATM dispensing errors from customers’ banks, the reversal should be immediately or at most within 24 hours.

On the other hand, for transactions on other banks’ ATMs, the reversal should be at most 48 hours.

“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; 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.

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

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

But, this is not the case for many banks’ customers. Some banks spend weeks or months before ratifying failed transaction complaints.

In fact, for some banks, it takes forever. The complaints are rampant.

For instance, Counselor Obareki said he was pained that he had not received a reversal on his bank’s failed transaction for over three months.