Banks Face New Monthly Reporting Rule On Failed Transfers

New Consumer Protection Measures Announced

THE Central Bank of Nigeria has introduced a new rule requiring banks and financial institutions to file monthly reports on failed digital transactions across electronic banking channels.

The measure affects failed transactions conducted through ATMs, mobile apps, internet banking platforms, PoS terminals and related services.

Industry observers say the policy responds to growing complaints from customers over delayed reversals, failed transfers and unreliable digital banking systems.

Management Held Accountable

The apex bank said top executives of financial institutions would be held responsible for implementing the revised guide and ensuring strict compliance.

Managing directors and executive compliance officers are expected to enforce the rules across business units, while IT departments must ensure systems only process approved charges.

The CBN noted that stronger internal controls are necessary to improve trust in Nigeria’s growing digital payments ecosystem.

Fresh Caps on Charges

The revised guide also contains limits on several banking fees.

Electronic transfer charges remain zero for transfers up to ₦5,000, while larger transactions attract capped charges depending on value.

ATM withdrawals from other banks and selected card-related services are also subject to regulated fees.

Push for Transparency in Lending

In the lending segment, banks must now quote loan pricing using Annual Percentage Rate (APR), allowing customers to better understand the true cost of borrowing.

The CBN also introduced clearer disclosure requirements covering repayment schedules, penalties, collateral and interest rates.

The regulator said the reforms are designed to promote fairness, innovation and financial inclusion while strengthening confidence in the banking sector.