The Central Bank of Nigeria has directed banks and other financial institutions to begin monthly reporting of failed electronic transactions across all digital channels as part of measures to strengthen oversight in the banking sector.
The directive was contained in a circular dated April 21, 2026, titled “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026,” and signed by the Director of Financial Policy and Regulation, Dr Rita Sike.
Under the new requirement, Chief Compliance Officers and Heads of Information Technology are mandated to jointly submit electronic reports detailing all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile platforms, web channels and other electronic systems.
According to the circular, “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 apex bank said the reports must be submitted to designated email addresses, signalling a tighter monitoring framework for service failures within the financial system.
In addition to the reporting directive, the CBN introduced broader compliance obligations, placing responsibility on top management of financial institutions to ensure strict adherence to the revised guide.
Managing Directors and Executive Compliance Officers are required to enforce compliance across all operational units, while Heads of Information Technology are expected to ensure that banking systems only apply charges approved under the new framework.
The regulator also tasked Chief Compliance Officers with monitoring and enforcing full compliance with the provisions of the guide.
The revised Guide to Charges, scheduled to take effect from May 1, 2026, replaces the 2020 version and sets out a comprehensive structure for fees across banking and financial services.
The CBN said the review was designed to promote a stable financial system, encourage innovation and support financial inclusion through reduced charges on low-value transactions.
It added that the framework would enhance accountability, drive the adoption of digital payment channels and accommodate emerging players in the financial ecosystem.
A major highlight of the draft is the introduction of caps on several banking charges, alongside stricter requirements for transparency in fee disclosures. Banks are also required to inform customers where charges are negotiable and provide verifiable means for such agreements.
The document further stipulates that any new product, service or charge not covered under the guide must receive prior approval from the CBN before implementation.
The new structure applies to a broad category of institutions, including commercial and merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee firms and mobile money operators.
To strengthen consumer protection, the CBN directed that non-credit charges must only be applied based on available account balances, while unpaid charges should be deferred without attracting interest.
The draft also outlines specific limits on charges for banking services. Electronic transfers, for instance, attract no fee for transactions up to N5,000, N10 for transfers between N5,000 and N50,000, and N50 for transactions above N50,000.
ATM withdrawals on other banks’ machines are pegged at N100 per N20,000 withdrawal on on-site ATMs, with capped surcharges for off-site transactions.
The guide retains zero charges for services such as account reactivation, closure and mandatory monthly statements, while placing limits on fees for services including third-party statement requests and card issuance.
In the lending segment, the CBN directed that all loan pricing must be expressed using the Annual Percentage Rate to ensure full cost transparency. It also capped default charges at one per cent per month for naira loans and 0.25 per cent for foreign currency loans.
The regulator further outlined minimum disclosure requirements for loan agreements, including borrower details, loan purpose, repayment terms, collateral, interest rates and penalties.
The draft has been released for public comments, with stakeholders expected to submit their inputs to the apex bank on or before May 8, 2026, ahead of its full implementation.
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