CBN Orders Banks To Report Failed Mobile, ATM Transactions
In a move to tighten oversight of digital banking services, the Central Bank of Nigeria has ordered all banks and financial institutions to file monthly reports detailing failed electronic transactions across ATMs, PoS terminals, mobile apps, web platforms, and related channels.
The directive was contained in a circular dated April 21, 2026, titled: “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide)” signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike.
Under the new rules, the Chief Compliance Officer and Head of Information Technology at each institution must jointly submit electronic reports on all unsuccessful transactions.
The CBN stated, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
These reports are to be sent to dedicated CBN email addresses, a measure designed to improve real-time monitoring of service disruptions and enhance consumer protection in Nigeria’s growing digital payment ecosystem.
The apex CBN is also placing direct responsibility on senior management to enforce compliance with the revised Guide.
Executive Compliance Officers or Managing Directors must ensure that compliance standards are communicated across all departments and that fee structures align strictly with approved rates.
The circular specifically tasks Heads of Information Technology to guarantee that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide.” Chief Compliance Officers are likewise charged with monitoring adherence to the framework.
Set to take effect May 1, 2026, the revised Guide supersedes the 2020 edition. According to the CBN, the update seeks to foster a stable financial system while driving innovation and financial inclusion. Key goals include reducing tariffs on micropayments, strengthening accountability, promoting electronic payment adoption, and integrating new market entrants.
The 2026 Guide introduces caps on multiple banking fees and mandates clearer disclosure practices. For charges listed as “negotiable,” institutions must notify customers of their right to negotiate and must document any agreed fees through verifiable channels.
The CBN also requires prior written approval for any new product, service, or charge not already covered in the Guide, tightening control over fee introductions.
The framework applies broadly to commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, and mobile money operators.
To protect consumers, the Guide stipulates that non-credit charges may only be deducted to the extent of available account balances. Unpaid charges must be deferred without attracting interest.
For lending, all loan pricing must use the Annual Percentage Rate to show borrowers the total cost of credit. Penalty charges on defaults are limited to 1% monthly for naira loans and 0.25% for foreign currency loans. Loan agreements must disclose borrower details, purpose, repayment terms, collateral, interest rates, and penalties.
This development follows the CBN’s October 2025 directive requiring Deposit Money Banks and other financial institutions to refund customers for failed ATM transactions within 48 hours — part of broader reforms to rebuild consumer trust in digital banking.
The 2026 measures signal the CBN’s intensified focus on service reliability, fee transparency, and systemic accountability as Nigeria’s cashless economy expands.