CBN, NCC Propose Joint Audits to Tackle Failed Airtime, Data Transaction

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have proposed regular joint audits of banks, telecom operators, and payment service providers to address persistent failures in airtime and data purchase transactions.

The proposal, contained in an exposure draft dated February 5, 2026, seeks to tackle rising consumer complaints where customers’ accounts are debited without successful service delivery.

According to the draft, audits will be conducted quarterly or at other intervals deemed necessary, covering banks, mobile network operators, merchants, and NCC-authorised licensees.

“The NCC and CBN will audit stakeholder compliance jointly or individually at quarterly or other intervals as may be determined,” the document stated.

The framework aims to enforce accountability across the financial and telecom value chains, verify adherence to service level agreements (SLAs), and strengthen consumer protection.

Regulators also plan to ensure only licensed entities participate in airtime and data vending, curbing weaknesses from unlicensed intermediaries.

A major pillar of the framework is the introduction of real-time reversals and strict timelines.

Failed transactions must trigger automated refunds within 30 seconds, while banks are limited to two re-attempts to prevent multiple debits during downtimes. Customers will receive prompt notifications on transaction status.

To boost transparency, the regulators propose a central monitoring dashboard to track failed transactions, reversals, SLA breaches, and complaints in real time.

Banks and telcos will also be required to publish quarterly SLA compliance scorecards.

The framework empowers CBN and NCC to impose penalties for breaches, reinforcing enforcement beyond voluntary compliance. Officials believe this will restore consumer trust in digital airtime and data purchase channels.