First, collect the failed transaction receipt, check your bank balance and report the debit to your bank. Under the Central Bank of Nigeria's published rules, refunds on failed or disputed POS transactions should be handled within 48 hours.
Here's how to recover your money and what to do if the reversal doesn't arrive.
1. Collect evidence before leaving the POS agent
Ask the agent or merchant for the declined transaction receipt.
Keep these details:
1. Amount, date and time of the transaction
2. POS terminal ID and merchant name
3. Transaction reference, RRN or STAN, if available
4. Debit alert or bank statement showing the deduction
5. Evidence that you did not receive cash or goods
No receipt? You can still report the transaction. Your bank can investigate using the available payment details.
2. Confirm whether the payment actually failed
Ask the POS agent to check the transaction history.
If the terminal shows *declined* but your account was debited, the transaction may require a reversal.
If the merchant's records show a successful payment, the issue may require a different investigation.
Don't immediately repeat the payment without understanding what happened. Otherwise, you could be debited twice.
3. How long does a failed POS reversal take?
The CBN's May 2020 circular sets the following refund timelines:
| failed transaction | CBN timeline |
|---|---|
| POS or web payment | Within 48 hours |
| Withdrawal at your bank's ATM | Instant reversal, manual reversal within 24 hours if necessary |
| Withdrawal at another bank's ATM | Within 48 hours |
These are regulatory timelines, not guarantees that every reversal will appear immediately.
For a failed POS payment, report the problem promptly rather than waiting several days without a complaint record.
4. Contact your bank to request a reversal
Contact the bank that issued your card or holds the debited account.
Use its official app, support channel or branch.
Explain that the POS transaction was declined but your account was debited. Provide the transaction details and ask the bank to investigate.
Request a complaint reference number so you can track the case.
Complaint message you can copy
Subject: Failed POS Transaction Account Debited
Dear Customer Support,
On 3/11/2026 at 6:10pm, I attempted a POS transaction of N20,000 at emmason store.
The transaction was declined, and I did not receive the cash or goods, but my account was debited.
Transaction reference: [reference, if available]
Please investigate the transaction, initiate the appropriate reversal and provide a complaint tracking number.
Thank you.
5. What if your money isn't refunded after 48 hours?
Follow up with your bank using the complaint reference.
Ask whether the transaction has been confirmed as failed, whether a chargeback or reversal has been initiated, and when you should expect an update.
If the complaint remains unresolved, the CBN provides a consumer complaint escalation process. Its general guidance allows customers to escalate unresolved complaints after the applicable resolution period, commonly two weeks for complaints covered by that guidance.
Visit the CBN Complaints Management page https://www.cbn.gov.ng/supervision/cpdcomgt.html for official instructions.
6. What if the POS agent refuses to help?
You can still report the transaction directly to your bank.
The agent's cooperation can help establish what happened, but a printed receipt is not always required to lodge a complaint.
Never disclose your card PIN, banking password or OTP to anyone offering to process your refund.
If you suspect an unauthorised card transaction rather than an ordinary failed payment, contact your bank immediately to secure the card.
Frequently asked questions
Will my money reverse automatically?It may. However, if the debit remains, report it to your bank and obtain a complaint reference.
Can I get a refund without a POS receipt?
Yes, you can lodge a complaint without the receipt. Provide your bank with the transaction date, amount, merchant details and other available evidence.
Should I complain to the POS agent or my bank?
Ask the agent to confirm the transaction status, but report the debit to your own bank.
Can a failed POS transaction take longer than 48 hours?
Delays can occur, but the CBN's published refund timeline is 48 hours. Follow up and escalate through official channels when the applicable timeline is exceeded.
Conclusion
If a POS transaction fails but your account is debited, **keep the evidence, report it to your bank and track the reversal.
You don't need to rely solely on the POS agent to recover your money.
Note: This guide addresses failed card-based POS transactions in Nigeria. Bank-transfer payments to POS agents may follow different dispute procedures.