The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are proposing regular joint audits of banks, telecom operators and other service providers to address persistent failures in airtime and data purchase transactions.
The proposal, contained in an exposure draft dated February 5, 2026, follows rising consumer complaints over bank debits without successful service delivery. It seeks to enforce clearer accountability across financial and telecom value chains, standardise resolution timelines and strengthen consumer protection mechanisms.
Under the draft, the regulators will conduct compliance audits quarterly or at intervals deemed necessary. The exercise will cover banks, mobile network operators, payment service providers, merchants and NCC-authorised licensees involved in airtime and data vending, assessing adherence to service level agreements (SLAs), operational capacity and consumer protection obligations.
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The framework also introduces routine checks to ensure only licensed entities participate in transactions, targeting vulnerabilities linked to unregulated intermediaries and weak platform integrations. Sanctions may be imposed where breaches are identified.
A major component of the proposal is unified SLAs with strict timelines for transaction processing and reversals. Failed transactions would trigger real-time notifications across stakeholders, while automated reversals are expected within seconds once failure is confirmed. Refunds for undelivered services are projected to be completed within 30 seconds in controlled testing environments, while banks are limited to two transaction re-attempts to prevent multiple debits during network disruptions.
To enhance transparency, the regulators propose standardised response codes, mandatory customer notifications and the establishment of a central monitoring dashboard to track failed transactions, reversals, SLA breaches and complaints in real time.
Stakeholders will also maintain daily transaction reports and publish quarterly SLA compliance scorecards aimed at improving operational discipline and rebuilding consumer trust.
The exposure draft is open for public comment ahead of finalisation and nationwide implementation.
