CBN, NCC Propose Quarterly Audits of Banks and Telcos Over Failed Airtime & Data Transactions

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have unveiled plans to conduct regular joint audits of banks, telecom operators, and other ecosystem participants as part of a new national framework aimed at addressing persistent failures in airtime and data purchase transactions.

The proposal, contained in an exposure draft jointly issued by both regulators and dated February 5, 2026, seeks to curb rising consumer complaints linked to situations where customers’ bank accounts are debited without successful airtime or data delivery.

The draft framework aims to institutionalise accountability across Nigeria’s financial and telecommunications value chains, enforce uniform resolution timelines, and strengthen consumer protection mechanisms.

What the Draft Framework Says

According to the document, the CBN and NCC will conduct compliance audits of stakeholders either jointly or independently at quarterly intervals or at other periods deemed necessary.

As stated in the draft:

“The NCC and CBN will audit Stakeholder compliance jointly or individually at quarterly or other intervals as may be determined.”

The audits will cover:

Deposit Money Banks

Mobile Network Operators (MNOs)

Payment Service Providers

Merchants

NCC-authorised licensees involved in airtime and data vending

The objective is to verify compliance with service level agreements (SLAs), operational capacity requirements, and consumer protection obligations.

In addition, regulators plan to introduce routine partner audits to ensure that only properly licensed and authorised entities participate in airtime and data transactions. This move is intended to address system vulnerabilities linked to unlicensed intermediaries and weak technical integrations across platforms.

The framework also empowers both regulators to impose penalties where breaches are identified, shifting enforcement beyond voluntary compliance.

Real-Time Reversals and Standardised Timelines

A central feature of the proposed framework is the introduction of unified service level agreements with strict timelines for transaction processing and refunds.

For failed transactions:

Real-time notifications must be issued across banks, NCC-authorised licensees, and MNOs.

Automated reversals are expected within seconds once a failure is confirmed.

Refunds for undelivered airtime or data must be completed within 30 seconds in test (sandbox) environments.

The framework also restricts banks to a maximum of two transaction re-attempts, reducing the risk of multiple debits during network downtimes.

Customers must receive prompt updates on transaction status — whether pending, failed, or successful — to eliminate ambiguity.

By standardising response codes and enforcing end-to-end transaction visibility, regulators aim to significantly reduce refund delays and eliminate disputes over transaction outcomes.

Central Dashboard and SLA Scorecards

To strengthen oversight, the draft proposes the creation of a central monitoring dashboard, jointly hosted by the CBN and NCC.

The dashboard will track:

Failed transactions

Reversal timelines

SLA breaches

Consumer complaints

This will provide regulators with real-time visibility into systemic risks and operational weaknesses across the ecosystem.

Stakeholders will also be required to maintain daily reports of successful and failed transactions and share them with relevant parties.

In a further transparency measure, banks, telcos, and other participants must publish quarterly SLA compliance scorecards. Regulators believe this will:

Promote self-regulation

Improve operational discipline

Strengthen consumer confidence in digital transaction channels

Nigeria’s digital payments and telecom ecosystems are deeply interconnected. Airtime and data purchases represent one of the most frequent micro-transactions in the financial system.

Persistent failures undermine:

Consumer trust

Financial inclusion gains

Confidence in digital banking infrastructure

By introducing joint audits, real-time reversals, standardised SLAs, and a central oversight dashboard, the CBN and NCC are moving toward a more integrated regulatory model that reflects the convergence of finance and telecommunications.

If implemented effectively, the framework could significantly reduce transaction disputes, improve service reliability, and set a new benchmark for cross-sector regulatory collaboration in Nigeria.

Next Steps

The exposure draft has been released for public comment. Stakeholders across banking, telecoms, fintech, and payments infrastructure are invited to submit feedback before the framework is finalised and enforced nationwide.