The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels as part of new compliance measures in its revised Guide to Charges.
The directive was issued in a circular dated April 21, 2026, titled “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide),” signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department.
The CBN said chief compliance officers and heads of information technology must jointly submit monthly electronic reports of all failed transactions conducted via automated teller machines (ATMs), point-of-sale (PoS) terminals, mobile channels, web platforms and related e-channels.
“The chief compliance officer and head, information technology, shall jointly render monthly reports electronically of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution,” the circular stated.
Reports must be sent to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond reporting, the CBN introduced broader accountability measures, placing responsibility on senior management to ensure strict adherence to the guide. Executive compliance officers or managing directors are required to cascade compliance expectations across business units and ensure systems are configured to apply only approved charges.
Heads of information technology must ensure “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while chief compliance officers are to monitor strict adherence to the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services. The CBN said the review aims to promote a safe and sound financial system, encourage innovation, and expand financial inclusion through lower tariffs on micropayments and transactions.
The regulator added that the framework will strengthen oversight and accountability, encourage adoption of electronic payment channels, and accommodate new industry participants.
A key feature of the guide is the introduction of caps on several banking charges, alongside a requirement for banks to disclose fees clearly and to inform customers when fees are negotiable.
Where fees are designated negotiable, financial institutions must notify customers of their right to negotiate and agree charges through verifiable means. The guide also mandates that any new product, service or charge not covered must receive prior written approval from the CBN.
The charges structure applies to a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies and mobile money operators.
To strengthen consumer protection, the CBN directed that non-credit-related charges can only be applied up to the extent of funds available in a customer’s account, and that unpaid charges must be deferred without accruing interest.
The draft also enhances compliance requirements, mandating senior management and compliance officers to ensure that only approved charges are applied across banking systems.
In the detailed schedule of charges, the CBN set limits across multiple services. For electronic transfers, interbank charges are capped at no fee for transactions up to N5,000, N10 for transactions between N5,000 and N50,000, and N50 for transactions above N50,000.
ATM withdrawals from other banks are also regulated, with charges of N100 per N20,000 withdrawal on on-site machines and capped additional surcharges for off-site transactions.
The guide maintains zero charges for several customer-facing services, including account reactivation, account closure and mandatory monthly statements, while introducing caps on others such as statement requests to third parties and card issuance fees.
In lending, the CBN requires all loan pricing to be quoted using the annual percentage rate (APR), ensuring borrowers see the full cost of credit. It also caps penalty charges on loan defaults at 1% per month for naira loans and 0.25% per month for foreign currency loans.
Minimum disclosure requirements for loan agreements were also outlined, covering borrower details, loan purpose, repayment schedule, collateral, interest rates and penalties to improve transparency in credit transactions.
The draft guide has been released for public comment. Stakeholders are expected to submit inputs to the CBN before May 8, 2026, ahead of full implementation.
OBSERVERS TIMES reported in October 2025 that the CBN directed deposit money banks and other financial institutions to refund customers for failed ATM transactions within 48 hours, part of reforms aimed at protecting consumers and restoring confidence in the banking system.
