The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have proposed measures to curb failed airtime and data purchase transactions, including instant reversals, real-time transaction tracking, and mandatory suspension of transactions during network downtimes.
The proposals are contained in an exposure draft of a joint CBN–NCC framework, dated February 5, on failed airtime and data transactions, released on Monday.
The draft framework defines failed transactions as cases where a subscriber’s account is debited without successful delivery of airtime or data and applies to all stakeholders in the airtime and data transaction ecosystem.
Under the draft framework, banks, mobile network operators (MNOs), merchants, and NCC-authorised licensees will be required to implement automatic reversal of failed transactions, ensuring customers are refunded where accounts are debited without delivery of airtime or data.
The framework also mandates the suspension of all airtime and data transactions during network downtimes exceeding 10 minutes, with customers to be notified immediately.