₦airaland Forum

https://www.youtube.com/watch?v=fvJqRswXN7A
CBN Vows to End Failed POS, ATM Transactions by 2028

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.

LETS DISCUSS ABOUT THIS.

This is very commendable and a welcome development from the CBN, CBN should monitor it 24/7

That's the problem. Celebrating bare minimum and mediocrity.

I reported a transaction to CPD but there was no response
My bank was just doing back and forth over the case.

Nigeria is in deep trouble with tinubu the failure in charge.

Nothing under Ebola Ahmed Tinubu can be serious or effective

Everyday is another, but the usual story



Another Kpakpagolo from CBN under a very useless Tunibu/APC government

Okay. That would be very nice !

OlujobaSamuel:
I reported a transaction to CPD but there was no response
My bank was just doing back and forth over the case.

Report it again and let them know you already reported earlier without response and ensure you copy your bank customer care in the email. Believe me, it will be resolved within a week. Also do well to copy fccpc in the same mail.

And some emergency lovers of Nigeria want to us to end this reform?

God bless the president of the Federal Republic of Nigeria.

Sonofgod1990:
TO TO TO TO TO TO . Tinubu why?
Secuty ZERO.
ECONOMY ZERO
LIFE OF A POOR MAN ZERO

Nigeria government=0

We are in TOTO government

OlujobaSamuel:
I reported a transaction to CPD but there was no response
My bank was just doing back and forth over the case.

Please Check this
https://www.nairaland.com/8683044/gtbank-firstbank-playing-games-50000

Follow up agreesively you will get your money back

very good one bank with red logo still dey owe me 2k data wey no go

SecurityNgr:
LETS DISCUSS ABOUT THIS.

This is good development. Failed transactions should be instant reversals and not the money hanging somewhere for 24 hrs

Everything about apc and tinubu is MASTER PLAN with no PLANS at all.

Klington:
That's the problem. Celebrating bare minimum and mediocrity.

Yes, small gain should be appreciated.

If we are brutal in calling out failures, we should commend them when they are doing things right.

babajero:
Everything about apc and tinubu is MASTER PLAN with no PLANS at all.

Are you really angry with this?

Maybe you are one of the problems of this country.

This man has been very diligent and magnificent in his job he has enacted some maximalist approach that has been yielding some fruitful outcome. This I must confess he is one of the best recruited and scouted president Tinubu appointee!

Any new innovations from Police and Army?

Tomorrow is Monday and children are still in the bush instead of getting ready for school tomorrow

abi na until dem get uncle and aunty wet be MINISTER?

Nice one from CBN.

Klington:
That's the problem. Celebrating bare minimum and mediocrity.

I am not a government supporter, but the way you people complain, it is like you do not want things to improve so that you can either grumble and grumble, or so that you do not give tinubu the victory.

One can oppose tinubu, but commend government for doing the right thing this time.

I don't like any government, yet one time when GEJ brought in TSA, BVN and even donated 3 billion naira to Nollywood, I was clapping..and at the same time I was blasting that government for being corrupt and inefficent.

Buhari;s attempt to improve rice production at home, while not exactly possible, was at least commendable.

At least, you can criticise tulumbu for his bad economic polices, and clap hand when he does well

Even in America, when Trump declared addiction to prescription drugs a national emergency there, some of his worst critics were praising and thanking him for doing something long overdue. It did not stop them from still being critical of him after.

Upper next years
If Tinubu no come back nko?

Opay has been running this feature for over a year now, others need to play catch up.

Scrap NIBSS for electronic transactions. All banks should have bank accounts with corresponding banks and settle directly through their accounts with each other. Intrabank transactions never fail

yemre:
Report it again and let them know you already reported earlier without response and ensure you copy your bank customer care in the email. Believe me, it will be resolved within a week. Also do well to copy fccpc in the same mail.

The money no much, na just ₦26. I was debited for a failed transaction, they refunded the transfered sum itself, by refused to refund the charges, so I normally drag them anytime I'm free.
If na good sum, I for give them sufficient heat

obeegee:
Scrap NIBSS for electronic transactions. All banks should have bank accounts with corresponding banks and settle directly through their accounts with each other. Intrabank transactions never fail

You wan go back to olden days abi
Na NIBSS make transactions seemless, they should not even touch it. Most downtime are not from NIBSS, but from the bank itself, whenever NIBSS is down, it affects different banks, but when it's just a particular bank while others are going through, then you know it's that specific banks.

Endinjustice:
Nigeria is in deep trouble with tinubu the failure in charge.

I'm just waiting for 2027 to laugh out loud on how Obi will fail woefully! I just can't wait to see you guys face then!

yarimo:
This is very commendable and a welcome development from the CBN, CBN should monitor it 24/7

Indeed, Very Commendable and Bold Initiatives by the Current CBN Governor and the whole- Management.
We believe that with the right people at the helm of Our Agencies,
Parastatals and
Depts,
And Focus like an Eagle 🦅,Nigeria can still get things right 👍▶️.

Even when the account is empty?

OlujobaSamuel:
The money no much, na just ₦26. I was debited for a failed transaction, they refunded the transfered sum itself, by refused to refund the charges, so I normally drag them anytime I'm free.
If na good sum, I for give them sufficient heat

N26! Oga why you dey vex na? It doesn't make it right tho but it's not sufficient enough to come here and disturb us.

This is the right way to go.

They'd better do that because some Nigerian commercial banks are trash when it comes to handling failed card transactions, there are backlogs that need to be cleared that some customers have leave it to God to handle for them.