CBN and NCC Introduce Framework to Address Failed Airtime and Data Transactions in Nigeria

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have jointly unveiled a framework to tackle the growing issue of failed airtime and data transactions in Nigeria. The initiative follows numerous complaints from consumers regarding debits without receiving the expected value.

The framework includes clear guidelines for standardizing resolution timelines and establishing an automated end-to-end refund process across Nigeria's financial and telecommunications ecosystem. Aisha Isa Olatinwo, the Director of the Consumer Protection and Financial Inclusion Department at CBN, highlighted key causes of transaction failures such as network downtime and insufficient stock of airtime/data.

The framework mandates stakeholders to deploy visible tools for end-to-end transactions, validate phone numbers against a portable database, and ensure immediate refunds for failed transactions. The system will feature a central monitoring dashboard jointly hosted by CBN and NCC to track refunds and ensure compliance.

Stakeholders are invited to provide input before the final adoption of the framework.