CBN Issues Instructions to Banks on Failed Mobile, ATM Transactions
- The CBN has directed banks to submit monthly reports on all failed electronic transactions
- The order is contained in the 2026 guide to charges, which introduces caps on banking fees
- Senior management, compliance officers, and IT heads are now accountable for enforcing the framework
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The Central Bank of Nigeria has directed banks and other financial institutions to begin submitting monthly reports on failed electronic transactions across all digital platforms.
The directive was outlined in a circular dated April 21, 2026, titled “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide)”, and signed by the Director of the Financial Policy and Regulation Department, Rita Sike.
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Under the new requirement, Chief Compliance Officers and Heads of Information Technology across financial institutions are mandated to jointly compile and submit electronic reports detailing all failed transactions originating from or terminating within their systems.
The reporting covers a wide range of digital channels, including Automated Teller Machines, Point of Sale terminals, mobile banking platforms, and internet-based services.
The circular stated:
"The Chief Compliance Officer and the Head of Information Technology are required to jointly submit monthly electronic reports detailing all failed electronic transactions across various channels, including ATMs, PoS, mobile, web, internet, and related platforms, whether the transactions originate or end within the institution."
New instructions for banks
The reports of failed transactions are to be submitted to designated CBN email addresses, reinforcing the apex bank’s push to improve transparency and ensure closer monitoring of recurring service failures that have long frustrated customers.
A major highlight of the new framework is the introduction of caps on several banking charges, alongside stricter disclosure requirements.
Financial institutions are now expected to disclose all applicable charges clearly to customers, with some fees open to negotiation. In cases where charges can be negotiated, customers must be informed of this option, and any agreements reached must be properly documented and verifiable, according to Punch.
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BusinessDay reports that the guide also tightens regulatory control over new fees by mandating that any product, service, or charge not explicitly covered must receive prior written approval from the CBN before implementation.
The revised framework applies broadly across the financial sector, covering commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, and mobile money operators.
To further protect consumers, the CBN stipulated that non-credit-related charges can only be deducted if sufficient funds are available in a customer’s account.
Any unpaid charges must be deferred and must not attract additional interest, a move aimed at preventing excessive customer liabilities.
The guide also provides detailed caps on transaction fees. Interbank electronic transfers will attract no charge for transactions up to N5,000, N10 for transactions between N5,000 and N50,000, and N50 for transfers above N50,000.
ATM withdrawals from other banks will cost N100 per N20,000 withdrawal on on-site machines, with additional but capped surcharges for off-site transactions.
Reps move to protect bank customers
Earlier, Legit.ng reported that the House of Representatives has initiated plans to investigate charges of commercial banks against customers' accounts and plans to summon the CBN and major commercial banks to appear before the committee on banking regulations.
The move followed the adoption of a motion of urgent public importance sponsored by Tolani Shagaya, a lawmaker from Kwara.
Source: Legit.ng
