Nigeria's CBN, NCC Mandate 30-Second Refunds

The Nigeria===Central Bank of Nigeria and the Nigeria===Nigerian Communications Commission have jointly proposed a new regulatory framework to address persistent consumer complaints regarding failed airtime and data purchases. The framework mandates automated refunds within 30 seconds for failed transactions, regardless of where the fault occurs (bank, aggregator, or Mobile network operator). It also introduces a Central Monitoring Dashboard for real-time tracking of reversals and complaints, aims to eliminate unclear ownership of liability, and sets protocols for erroneous recharges. The initiative seeks to institutionalize clear accountability, standardize resolution timelines, and ensure a coordinated approach to consumer redress across the financial and telecommunications sectors in Nigeria. Stakeholders have until February 20, 2026, to submit their inputs before the framework is finalized and implemented, with penalties for non-compliance.