The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have proposed a 30-minutes refund timeline to subscribers in the event of failed airtime and data purchase transactions.
The proposal is contained in the “Exposure Draft of the Joint CBN–NCC Framework for Resolution of Failed Airtime and Data Purchase Transactions”.
The move became necessary following the persistent complaints from bank customers with failed airtime or data transactions on the Mobil Network Operators, MNOs.
According to the CBN’s Director of Consumer Protection and Financial Inclusion Department, Aisha Isa-Olatinwo, the document underscored the need to institutionalise accountability and eliminate the recurring issue of unclear liability between banks and telecom operators.
A major highlight of the proposal is the establishment of a Central Monitoring Dashboard to be jointly hosted by the CBN and NCC.
The dashboard will provide real-time, end-to-end visibility into transaction failures across the financial and telecommunications value chain, enabling regulators to monitor reversals and track compliance with Service Level Agreements, SLAs.
Under the framework, stakeholders will also be required to publish quarterly SLA compliance scorecards to promote transparency and self-regulation within the ecosystem.
To tackle the technical causes of failed transactions, the regulators proposed mandatory real-time validation of ported numbers before recharges are processed, in order to prevent credits to inactive or migrated lines. Banks will also be required to limit transaction re-attempts to two, a measure designed to curb multiple debits for a single purchase. In addition, customers must receive automated SMS notifications confirming whether transactions are successful or failed.
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