Banks and telecommunications companies have been given a firm deadline of March 1, 2026 to implement a comprehensive refund framework designed to protect consumers from losses arising from failed airtime and data purchases, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) jointly announced on Thursday in Abuja.

The new policy, finalised after months of consultations between the NCC, CBN, mobile network operators (MNOs), deposit money banks (DMBs), value-added service (VAS) providers and other relevant stakeholders, seeks to address mounting consumer grievances relating to debits without value during airtime and data transactions caused by network outages, system glitches and human input errors.

According to the framework, subscribers who are debited for airtime or data that fail to deliver value will be entitled to an immediate refund within 30 seconds of the failed transaction — regardless of whether the failure occurred on the telecoms or bank side of the transaction chain. Where transactions are pending, the refund window may extend up to 24 hours.

Nnenna Ukoha, Head of Public Affairs at NCC, said the initiative was driven by an increase in complaints from consumers who were often debited without receiving airtime or data, and who faced prolonged delays in obtaining redress.

“Failed top-ups rank among the top three consumer complaints,” Ukoha stated, emphasising the need for a uniform, enforceable Service Level Agreement (SLA) across all players in the transaction ecosystem.

Under the terms of the SLA, both banks and telecommunications operators are obligated to clearly define their roles and responsibilities in processing transactions and effecting refunds.

The framework also mandates that customers receive SMS notifications on the success or failure of each airtime and data purchase, a move aimed at enhancing transparency and consumer confidence in digital transactions.

The framework also provides for the establishment of a Central Monitoring Dashboard, to be jointly hosted by the NCC and CBN, which will enable real-time tracking of failed transactions, responsible parties, refunds and SLA breaches.

Freda Bruce-Bennett, Director of Consumer Affairs at the NCC, explained that the monitoring tool is expected to improve oversight and accountability across the entire transaction value chain.

Consumers have already started benefiting from the regulatory engagements. Bruce-Bennett disclosed that, pending final regulatory approval and technical integration, MNOs and banks have collectively refunded more than ₦10 billion to customers affected by failed airtime and data purchases.

The NCC-CBN framework is expected to take effect on March 1, 2026, upon completion of technical integrations by mobile network operators, value-added service providers and banks, and final approvals by both regulators.

Stakeholders have been urged to meet the deadline to avoid regulatory sanctions and enhance consumer trust in digital financial and telecommunications services.