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Nigerian consumers who have long been frustrated by “trapped” funds during failed digital transactions are set for major relief.
The Central Bank of Nigeria (CBN), in a landmark partnership with the Nigerian Communications Commission (NCC), has unveiled a new framework requiring banks and telcos to refund failed airtime and data top ups within 30 seconds.
The mandate, set to take effect on March 1, 2026, targets one of the most persistent pain points in Nigeria’s digital economy. Under the new Service Level Agreement (SLA), any transaction where a customer is debited without receiving service must be reversed almost instantly.
“Failed top-ups rank among the top three consumer complaints,” said Freda Bruce-Bennett, Director of Consumer Affairs at the NCC. She noted that ahead of this formal rollout, banks and mobile operators have already processed over ₦10 billion in refunds to address existing backlogs.
To ensure strict compliance, the regulators are launching a joint “Central Monitoring Dashboard.” This digital watchdog will track transaction failures in real-time, allowing regulators to see exactly where the bottleneck occurs whether at the bank or the mobile network and hold the responsible party accountable for breach of service.
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The policy does allow a 24-hour window for transactions categorized as “pending,” but for clear system failures, the 30-second rule will be the new standard. Additionally, providers will now be legally required to notify customers via SMS of the status of every single transaction.
This regulatory crackdown marks a significant shift toward consumer-centric digital banking, forcing a higher level of technical synergy between the financial and telecommunications sectors.
