E-Financial
UBA, Zenith Pioneer Implementation of Chargeback on PoS Transactions
UBA and Zenith bank are pioneering central bank of Nigeria (CBN) directive on implementation of 24 hours chargeback dispute resolution mechanism on transactions on point of sale terminal, Nigeria CommunicationsWeek has learnt.
Chargeback is when a customer buys goods or service at a point of sale terminal and was debited but the PoS did not print receipt showing a successful transaction, because the transaction was decline, the merchant will refuse to give the customer the goods he requested for, while his account has been debited. In this situation, the customer will have to go to his own bank which is not the bank of the merchant and file a claim of refund that is called chargeback.
Before the new CBN directive of its resolution within 24 hours, the problem is resolved by the customers’ bank logging it against the merchant and the merchant bank needs to investigate if that claim is correct or not, if it is true he did not give the customer the value, he will attest to the bank that it is true and for his bank to return the money to the customer. This process takes weeks to resolve.
Against the frustration merchants and financial inclusion agents are facing as a result of issues around chargeback on PoS transaction that CBN gave directive to banks to implement 24 hour chargeback dispute resolution mechanism of which UBA and Zenith have started implementing.
Commending the two banks, Fasasi Sarafadeen Atanda, managing director, Ecosystem Hybrid Network, an agent network operator said that UBA and Zenith are in the first to begin the implementation of the CBN directive that anytime customers have dispute issue the only thing they need to get from Agent is to get a receipt supporting that decline.
“Once you have that receipt, take it to your bank and collect your money, they are well prepared to follow the money anywhere it hangs whether it is hanging at processor, or banks, they can view it from their backend to know where it is hanging and retrieve it to credit the customer.
“This will reduce the time customers waste waiting and also engender truth in the system, which will help agents grow customers because they know when they have issues their bank will attend to them unlike previously when their bank will ask them to go back to follow up Agents.
“We are going to see fewer cases of police arrest when there is no dispute; there won’t be any need to invite police.
“The only thing that remains is for all the banks to commence implementation of this CBN directive on chargeback.
“PoS usually produce two receipts, merchant copy and customer copy, if it shows approved definitely the customer must pay but if it show decline customer cannot pay. It is the decline receipt that should be taken to the bank for refund.
“Financial inclusion in Nigeria is driven through three providers that includes bank led, mobile money operators’ led and mobile network operators’ led these are the digital financial services channels.
“For bank led, we have solution for dispute now and we encourage all of them to abide by that, the same thing should happen to mobile money operators’ led as they don’t have branches everywhere where customers can go but they have aggregators they should work with their aggregators, provide their addresses and location for customers to go in case of dispute arising from cash back.
“As mobile network operators’ led is gradually coming up, they should put in place dispute resolution mechanism just like the banks have just done.
“With this dispute resolution mechanism in place there is going to be a surge in the use of agents in the financial inclusion programme. Trust have been militating the use Agents for transaction making people to rather go to the banks than use Agents for transactions.
“Agents are not legally allowed to intervene on behalf of customers in case of dispute because they are regarded as third party.
A lot of agents have closed down as a result of dispute issues with customers, but with this directive been implemented by the banks; they will start opening shops again,” he added.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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