The Central Bank of Nigeria (CBN) has unveiled plans to eradicate failed electronic transactions across POS terminals, ATMs, and mobile transfer platforms by 2028 under its Payment System Vision 2028 initiative.
Under the new framework, banks and fintech companies will be required to deploy instant automated reversal systems, maintain a minimum service uptime of 99.9 percent, and face regulatory penalties for excessive transaction failures. The apex bank also plans to introduce real-time transaction monitoring to ensure compliance across the financial sector.
Nigeria recorded more than 11.1 billion electronic transactions in 2023, and with failure rates estimated between 1.5 and 3 percent, millions of customers continue to experience cases where accounts are debited without successful payment completion.
“Customers should not bear the cost of system inefficiency,” a CBN official stated while confirming the directive. Financial institutions that fail to meet the 2028 benchmark could face fines and possible licence reviews.
The initiative has been welcomed by POS operators and consumer advocacy groups, although they noted that unreliable telecommunications networks and inconsistent power supply remain major challenges that extend beyond the banking sector.
Meanwhile, the CBN advised Nigerians to report any transaction reversal delays exceeding 24 hours via cpd@cbn.gov.ng or by calling 0700 225 5226.
