CBN Sets 2028 Deadline to End POS, ATM and Mobile Transfer Failures
The Central Bank of Nigeria has launched its Payment System Vision 2028. It aims to eliminate failed POS, ATM, and mobile transfer transactions by 2028. Banks and fintech firms must implement instant automated reversals and maintain 99.9% uptime. The CBN will monitor all transactions in real time and sanction institutions that miss the target. With over 11.1 billion electronic payments recorded in 2023 and failure rates of up to 3%, millions of Nigerians face debited-but-failed transactions. Consumer groups warn that power outages and poor network coverage could hinder progress. The CBN urges users to report reversal delays beyond 24 hours to its contact centre.
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