# How to get your money back after a failed bank transfer in Nigeria: the CBN deadlines banks must meet > For a failed transaction refund in Nigeria, the CBN sets deadlines of instant to 72 hours when an ATM, POS or web payment fails; here is how to claim it and when to escalate. Money & Markets · Binatec Pulse · David Banjo · Published 2026-11-10T06:06:00.000Z · Updated 2026-11-10T04:45:19Z Canonical: https://pulse.binatecagency.com/money/how-to-get-refund-failed-transaction-nigeria-cbn-timelines ## Key points - Failed on-us ATM withdrawals must be reversed instantly, or manually within 24 hours, under the CBN timelines that took effect on 8 June 2020. - Failed not-on-us ATM refunds must not exceed 48 hours, and disputed or failed POS or web transactions must be resolved within 72 hours. - You must first complain to your bank or branch; the CBN says to allow about two weeks before escalating. - If the bank does not resolve it, you can escalate to the CBN Consumer Protection Department with proof of your first complaint. Being debited for a payment that did not go through is one of the most common banking headaches in Nigeria. The good news is that the Central Bank of Nigeria has set refund deadlines that banks are supposed to meet. This guide explains what they are, how to claim, and what to do when the bank goes quiet. It is based on the CBN's own [press release on dispense errors and refund complaints](https://www.CBN.gov.ng/Out/2020/CCD/Press Release on Payment Channels.pdf) and its [page on how to lodge a complaint](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html). One caveat first: the deadlines below come from a CBN notice dated 1 June 2020 that took effect on 8 June 2020. The notice itself points to the CBN's updated Guidelines for the Operation of Electronic Payment Channels for further details, so check the CBN website for the latest version before you rely on a specific number. ## How long does it take to refund a failed transaction in Nigeria? The CBN's 2020 notice lists four timelines. They differ by channel, so identify which one applies to your case. - Failed "on-us" ATM transactions (your card at your own bank's ATM): reversed instantly. If the instant reversal fails because of a technical glitch, [manual reversal must not exceed 24 hours](https://www.CBN.gov.ng/Out/2020/CCD/Press Release on Payment Channels.pdf). - Failed "not-on-us" ATM transactions (your card at another bank's ATM): refunds must not exceed 48 hours, down from 3 to 5 days. - Disputed or failed POS or web transactions: resolution within 72 hours, down from five days. - Backlog: banks were told to clear all outstanding ATM, POS and web refunds within two weeks of 8 June 2020. That was a one-off instruction, not a standing deadline. [Nairametrics' report on the notice](https://nairametrics.com/2020/05/31/just-in-cbn-revises-timelines-for-resolution-of-dispense-errors-refund-complaints) confirms the same figures. Note that the notice covers ATM, POS and web transactions. It does not set a separate deadline for every kind of bank transfer, so do not assume a transfer between two accounts follows the 72-hour rule unless your bank's own terms say so. ## How do I report a failed transaction to my bank? The CBN is clear on the order of events: ["you MUST first report the complaint at the bank/branch where the issue originated"](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html). Here is a practical sequence. - Keep your evidence. Save the SMS or email debit alert, the transaction reference number, the date and time, the amount, and the ATM location or merchant name. Screenshot the failed transaction screen or receipt. - Report it at once to your bank through its complaints channel or at your branch. Ask for a ticket or reference number, and ask the bank to put the complaint in writing. - Say which channel failed (ATM, POS or web) so the bank can apply the right deadline. Mention the CBN timeline in your message. - Note the date you reported it, then count the hours from that date against the deadline above. - Check your account after the deadline. If the reversal has landed, keep the record in case of later disputes. Never share your PIN, password or OTP with anyone who contacts you about a refund. The CBN's complaint guidance itself tells you not to include PINs or passwords in anything you send. ## How long should I wait before escalating to the CBN? The CBN's guidance says to [allow about two weeks for resolution](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html), which may be shorter at some banks. For complaints about excess charges and loans, it cites a revised circular dated 30 June 2014 that gives banks 30 days. A failed ATM, POS or web payment should not need that long if the bank follows the 2020 timelines, so you can reasonably raise the deadline in your follow-ups. ## How do I report my bank to the CBN? If the bank does not resolve your complaint in time, you have [the right to escalate it to the Consumer Protection Department](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html) of the CBN. A letter should be addressed to the Director, Consumer Protection Department, Central Bank of Nigeria, Central Business District, Abuja. You can submit it at the CBN Head Office or at any CBN branch nationwide. The CBN page also provides an email route, but the address is hidden on the page, so use the CBN's own downloadable complaints document to get it rather than a third-party blog. What to put in your complaint, according to the CBN: - Your name, address, phone number and email. - The name of your financial institution. - Your banking details, but never your PIN or passwords. - The date and history of the disputed transaction. - The amount you are claiming, if any. - Copies of supporting documents. - Evidence that you first complained to your bank, such as the ticket number or the correspondence. ## What the CBN can and cannot do The CPD route is for complaints against financial institutions the CBN regulates. A failed payment to an online shop is a different matter if the shop is not a regulated financial institution, so start with your bank, which processed the debit, and ask it to raise the dispute with the merchant or payment processor. The CBN notice adds that key payment service providers have also committed to build an [integrated dispute resolution platform](https://www.CBN.gov.ng/Out/2020/CCD/Press Release on Payment Channels.pdf) for the industry, but it gives no launch date. ## Questions people are asking ### How long does a bank have to refund a failed ATM transaction in Nigeria? Instantly for your own bank's ATM, or within 24 hours if manual reversal is needed. For another bank's ATM, within 48 hours, under the CBN timelines effective 8 June 2020. ### How long does the bank have to resolve a failed POS or web payment? 72 hours, according to the CBN notice of 1 June 2020, down from five days. ### Can I report my bank to the CBN straight away? No. The CBN says you must first report the complaint to your bank or branch, then allow about two weeks before escalating. ### Where do I send a complaint to the CBN? To the Director, Consumer Protection Department, Central Bank of Nigeria, Central Business District, Abuja, at the CBN Head Office or any CBN branch. ## Sources 1. [CBN Revises Timelines for Dispense Errors, Refund Complaints (press release, 1 June 2020)](https://www.CBN.gov.ng/Out/2020/CCD/Press Release on Payment Channels.pdf), Central Bank of Nigeria 2. [Complaint Lodgment](https://www.cbn.gov.ng/FinInc/FinLit/LodgeComplaint.html), Central Bank of Nigeria 3. [CBN revises timelines for resolution of dispense errors, refund complaints](https://nairametrics.com/2020/05/31/just-in-cbn-revises-timelines-for-resolution-of-dispense-errors-refund-complaints), Nairametrics