Four banks were reportedly sanctioned for not complying to the 48-hour reversal timeframe for e-payment dispense error last year.

Shola Agboola, CBN Assistant Director, Payment Policy and Oversight, Banking and Payment System, during a press conference organised by the Nigeria Inter Bank Settlement System (NIBSS) in Lagos, yesterday, February 23, 2016 said that all banks were sent circulars to install and automate auto reversal, but the 4 banks defaulted.

The names of the 4 penelised banks was not mentioned by CBN.

“When we carried out our oversight function on the banks to ensure that they have done what they were asked to do, four banks were penalised and sanctions last year,” he said.

He added that all customer service complaints or challenges have to be resolved by a bank.