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In a revised money reversal timeline, the Central Bank of Nigeria, CBN, directs banks to resolve failed ATM, POS, transactions. Starting June 8, and for the next two weeks, the reversal should is to run in the specified timeline.
A transaction that fails on an ATM according to CBN statement, should be followed by am instant reversal. The statement reads: “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 days”.
On the other hand, people who experience failed transaction and do not get an instant reversal can expect it in the next 24hrs via manual reversal. A technical issue or system glitch is usually to blame for that the statement noted.
Failed transactions that occur when customers use their cards on other banks’ ATM machine shall not exceed 48 hours.
Aside from ATM machine errors, CBN also directs Banks on POS and Web transactions that fail. It says, such transactions must be resolved and concluded within 72 hours from the current five days.
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