BY EMEKA EJERE
The Central Bank of Nigeria (CBN) has directed Interswitch to suspend refund activities for failed Visa and Verve card transactions, pending the duration of the lockdown ordered by the federal government..
Interswitch had sought the approval of the CBN to stop settlement for failed Visa and Verve card transactions in the meantime. The suspension is expected to last until the current lockdown order is lifted.
The development was revealed in a message Fidelity Bank sent to its customers
The message reads:
“Kindly be informed that Interswitch has optained approval from the Central Bank of Nigeria to suspend operations on its Dispute Management portal due to COVID-19 movement restriction. .
“Consequently, refunds for failed Visa and Verve card transactions on other banks ATMs and PoS terminals will not be processed until the suspension is lifted.
“We, therefore, advise that you use Fidelity Bank ATMs for your cash withdrawal and also, opt for online banking, NIBSS Instant Payment and instant banking in making payments instead of POS during this period.
“Please note that this does not apply to Mastercard transactions.”