Thursday , January 27 2022
Interswitch

All Dispute Management Operations Remain Fully Available – Interswitch Adhere to CBN Directive



Prominent payment processing company, Interswitch has announced that all dispute management operations remain fully available despite lockdown caused by coronavirus.

The company has asked its customers across Nigeria to disregard the news that its dispute management activities have been suspended as a result of the COVID-19 lock-down.

Recall that, the Central Bank of Nigeria (CBN) ordered Interswitch Plc to its Dispute Management Platform Operations, meaning that bank customers, who had been debited for ATM transactions for which they did not get money or services, will now have their complaints addressed.

ALSO READ: How Covid-19 will Deepen Nigeria’s Digital Inclusion

Last week, the CBN reversed it’s decision to suspect certain operations.

According to a letter to banks, the Dispute Management Platform Operator (Interswitch) said the CBN had withdrawn the earlier directive “due to feedback from certain industry stakeholders.”

The company however admitted that the Central Bank of Nigeria issued a temporary suspension of refund activities for ATM and card payments as a result of the lockdown, a situation it noted has been revoked with full approval from CBN. This is so that cardholders and the transacting public can continue to carry out their transactions as usual.

Interswitch, in its letter, stated that “all chargebacks and disputes will be processed according to their regular timelines.”

It urged the banks to “note that all claims that were already logged before the temporary Suspension of the platform were not impacted and as such, the existng timelines for such claims remains unchanged.”

“In addition, chargebacks and disputes that may have arisen during the period of the suspension can now be logged on the platform as appropriate” Interswitch wrote.

By this decision, banks can now resume processing of refunds for failed Visa and Verve card transactions on other bank ATMs and POS terminals with immediate effect.

“Cardholders and the transacting public are assured that all dispute management operations remain fully available and all chargebacks and disputes will be processed according to their regular timelines,” it stated.

Interswitch reassures the general public that any news of disrupted operations flying across the media, are fake and should be disregarded. The company has charged its customers to keep transacting and not to panic. It has also encouraged the public to keep safe in the wake of the COVID-19 pandemic.

 


About Bukola Olanrewaju

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