CBN Mandates Monthly Reporting of Failed Transactions
The Central Bank of Nigeria (CBN) has directed financial institutions to report failed electronic transactions, including those conducted via mobile channels, ATMs, and point-of-sale terminals, on a monthly basis. This requirement is part of a new compliance measure introduced through a circular issued on April 21, 2026, titled "Exposure Draft Guideline on Charges by Banks and Financial Institutions in Nigeria 2026." Dr. Rita Sike, the Director of Financial Policy and Regulation Department, emphasized that the reports must be submitted to a designated CBN email address to enhance monitoring of service failures.
The new guidelines, effective from May 1, 2026, replace the 2020 version and aim to promote a safe financial system, encourage innovation, and expand financial inclusion. The CBN has also introduced caps on various bank charges and mandated that banks disclose fees clearly to customers, allowing for negotiation on applicable charges.
Additionally, the guidelines require senior management to ensure compliance across all business units.
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