The Central Bank of Nigeria 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 contained in a circular issued on April 21, 2026, titled “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide)” and signed by the Director of the Financial Policy and Regulation Department, Dr Rita Sike.
Under the new requirement, Chief Compliance Officers and Heads of Information Technology in financial institutions must jointly submit electronic reports of all failed transactions carried out through Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “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 reports are to be sent to designated CBN email addresses, as part of efforts to track service failures across the banking system.
The CBN also introduced measures that place responsibility on top management to ensure compliance with the new guide. Executive Compliance Officers or Managing Directors are required to pass compliance expectations across all business units and ensure that only approved charges are applied.
Heads of Information Technology are expected to ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers will monitor adherence to the framework.
The revised guide, which takes effect from May 1, 2026, replaces the 2020 version and sets out rules for charges across banking and other financial services.
According to the CBN, the review is aimed at supporting a stable financial system, encouraging innovation, and widening financial inclusion by reducing tariffs on micropayments and transactions.
The framework is also expected to improve oversight, support the use of electronic payment channels, and accommodate new players in the industry.
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A key part of the guide is the introduction of caps on several banking charges, alongside a requirement for banks to clearly disclose fees and allow customers to negotiate charges where applicable.
The document states that where fees are negotiable, financial institutions must inform customers of their right to negotiate and agree on charges through verifiable means.
It also requires that any new product, service, or charge not covered must receive prior written approval from the CBN.
The new 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 protect customers, the CBN said non-credit-related charges can only be applied if there are enough funds in a customer’s account, while unpaid charges must be deferred without interest.
The draft also requires senior management and compliance officers to ensure that only approved charges are applied across banking systems.
For electronic transfers, interbank charges are set 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 a charge of N100 per N20,000 withdrawal on on-site machines and capped surcharges for off-site transactions.
The guide retains zero charges on services such as account reactivation, account closure, and mandatory monthly statements, while placing limits on others, including third-party statement requests and card issuance fees.
In the lending segment, the CBN requires that all loans be priced using the Annual Percentage Rate to show the full cost of credit. It also sets penalty charges on loan defaults at one per cent per month for naira loans and 0.25 per cent for foreign currency loans.
The regulator also outlined disclosure requirements for loan agreements, including borrower details, loan purpose, repayment schedule, collateral, interest rates, and penalties.
The draft guide has been released for public comments, with stakeholders expected to submit their inputs before May 8, 2026, ahead of full implementation.