The unending complaints of non-reversal of banks’ failed customer transactions have continued to raise serious concerns within Nigeria’s financial sector.
DAILY POST gathered that 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.
But, this is not the case for many banks’ customers. Some banks spend weeks or months before ratifying failed transaction complaints.