CBN’s New 72-Hour Window: A Game Changer for Fraud Refunds in Nigeria
The Central Bank of Nigeria (CBN) is set to roll out transformative regulations aimed at significantly enhancing consumer protection against online financial fraud. These proposed guidelines promise bank customers quicker resolution and refunds following incidents of Authorised Push Payment (APP) fraud, a common form of digital deception. This crucial move by the CBN is poised to provide a much-needed safety net for Nigerians navigating the increasingly complex landscape of digital banking.
Strengthening Consumer Safeguards Against APP Fraud
Under the new “Draft Guidelines for Handling Authorised Push Payment Fraud,” published by the CBN and signed by Rita I. Sike, Director of the Financial Policy & Regulation Department, victims of APP fraud will benefit from extended reporting periods and clearer bank responsibilities. Specifically, while customers are expected to report any APP fraud incident to their financial institution within 24 hours, the draft rules grant an essential extension, allowing an additional 48 hours for reporting. This brings the total window for reporting to a maximum of 72 hours from the time the fraud occurred. Upon receiving such reports, banks will be mandated to investigate the claim and issue refunds within a predefined timeframe, underscoring the CBN’s commitment to protecting customer funds. These comprehensive draft guidelines have been circulated to all banks and other financial institutions, signaling an industry-wide overhaul in how fraud cases are managed, ultimately fostering greater trust in Nigeria’s burgeoning digital financial ecosystem.
This proactive stance by the CBN underscores a commitment to safeguarding consumer interests in an era of rapid digital transformation. By establishing clear reporting windows and enforcing bank accountability, these guidelines represent a significant step towards mitigating the impact of online fraud and reinforcing confidence in Nigeria’s financial services industry.
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