The Central Bank of Nigeria has set 2028 as the deadline to eliminate failed electronic transactions across POS, ATMs, and mobile transfers under its _Payment System Vision 2028_.
The new directive mandates banks and fintechs to implement instant automated reversals, maintain 99.9% uptime, and face sanctions for high failure rates. CBN will launch real-time monitoring of all transactions to enforce compliance.
With over 11.1 billion electronic payments recorded in 2023, failure rates of 1.5% to 3% mean millions of Nigerians routinely deal with debited-but-failed payments.
“Customers should not bear the cost of system inefficiency,” a CBN official said, confirming the circular. Banks risk fines and license reviews if they miss the 2028 target.
POS operators and consumer groups welcomed the move but cited poor network and power supply as major hurdles beyond banks’ control.
For now, CBN says Nigerians should report reversal delays beyond 24 hours to cpd@cbn.gov.ng or 0700 225 5226.
