The Central Bank of Nigeria and the Nigerian Communications Commission have jointly proposed a strict 30-minute timeline for refunding subscribers in cases of failed airtime and data purchase transactions.

This proposal forms part of the “Exposure Draft of the Joint CBN–NCC Framework for Resolution of Failed Airtime and Data Purchase Transactions” released on Monday.

The draft framework aims to resolve long-standing complaints from bank customers whose accounts are debited without receiving the corresponding airtime or data from Mobile Network Operators (MNOs).

The document, signed by the CBN’s Director of Consumer Protection and Financial Inclusion Department, Aisha Isa-Olatinwo, stressed the importance of institutionalising accountability and removing the recurring problem of unclear liability between banks and telecom operators.

A key feature of the proposed framework is the creation of a Central Monitoring Dashboard to be jointly hosted by the CBN and NCC.

The dashboard will offer real-time, end-to-end visibility into transaction failures throughout the financial and telecommunications value chain.

It will enable regulators to monitor refund processes and ensure compliance with Service Level Agreements (SLAs).

Stakeholders will also be required to publish quarterly SLA compliance scorecards to encourage transparency and promote self-regulation across the ecosystem.

To address technical causes of failed transactions, the regulators have proposed mandatory real-time validation of ported numbers before processing recharges, preventing credits to inactive or migrated lines.

Banks will be mandated to restrict transaction re-attempts to a maximum of two, reducing the risk of multiple debits for a single failed purchase.

Customers will receive automated SMS notifications confirming whether each transaction has succeeded or failed.

The CBN and NCC have warned that they will carry out quarterly compliance audits and apply sanctions for any violations of the prescribed timelines and responsibilities.

Deposit Money Banks, Payment Service Providers, and other stakeholders have until February 20, 2026, to submit their comments on the exposure draft before it is finalised.

The regulators described the initiative as a demonstration of increasing inter-regulatory collaboration aimed at safeguarding system integrity and rebuilding public confidence in Nigeria’s digital financial ecosystem.