CBN directs banks to report failed mobile, ATM transactions monthly

The Central Bank of Nigeria (CBN) is tightening its oversight on electronic transactions with a new directive mandating banks and financial institutions to report all failed transactions across digital channels monthly. This move, embedded within the revised Guide to Charges effective May 1, 2026, signals a robust effort by the apex bank to ensure greater accountability and transparency in the rapidly expanding digital payments landscape in Nigeria.

This enhanced reporting requirement, jointly rendered by Chief Compliance Officers and Heads of Information Technology, will cover transactions across ATMs, PoS terminals, mobile, and web platforms. By demanding detailed electronic reports, the CBN aims to gain critical insights into service failures, enabling more targeted interventions and reinforcing its commitment to a stable and reliable financial system. The directive underscores the regulator's proactive stance in safeguarding consumer interests and promoting confidence in digital financial services.

“

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.

Beyond reporting, the CBN is placing significant responsibility on the top management of financial institutions. Executive Compliance Officers and Managing Directors are now tasked with cascading compliance expectations throughout their organizations and ensuring that banking systems are precisely configured to apply only the charges permitted by the new guide. This comprehensive approach, which also includes clearer fee disclosures and provisions for customer negotiation, reflects the CBN's broader objective to foster innovation, expand financial inclusion, and maintain a sound financial ecosystem that benefits all Nigerians.

“

all systems configurations only capture and allow posting of charges as permitted and described in this Guide.