The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have announced a new joint framework aimed at addressing the rising incidence of failed airtime and data transactions, which often leave consumers disappointed after their payments are made without the expected service delivery. This development is crucial as it directly affects customer satisfaction and trust in both the financial and telecommunications sectors. The draft framework, consisting of 20 pages, was made publicly available on the CBN’s website and aims to provide a structured response to a problem that has increasingly burdened consumers.

The framework was developed collaboratively by the CBN’s Consumer Protection & Financial Inclusion Department alongside the NCC, with further contributions from various stakeholders including banks, mobile operators, and payment service providers. A primary objective of this initiative is to establish clear accountability among the parties involved in airtime and data transactions. It also seeks to standardize the timelines for resolving complaints, ensuring that consumers have a reliable pathway to address their grievances, thus fostering greater consumer confidence.

By institutionalizing these measures, the CBN and NCC aim to create a more predictable and effective approach to consumer redress. This initiative not only addresses immediate concerns but also lays the groundwork for a sustainable partnership between financial institutions and telecommunications providers; ultimately, it hopes to enhance the overall customer experience and improve the integrity of both sectors in Nigeria.