🇳🇬NigeriaWest Africa
CBN mandates monthly reporting of failed electronic transactions by banks
via Punch Nigeria4 min read
The Central Bank of Nigeria CBN has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across various digital channels. This directive is part of new compliance measures outlined in its revised Guide to Charges, issued via a circular on April 21, 2026. Chief Compliance Officers and Heads of Information Technology are required to jointly submit electronic reports of all failed transactions from Automated Teller Machines ATM, Point of Sale PoS terminals, mobile, web, and other electronic channels. These reports are to be sent to designated CBN email addresses. The revised guide, effective May 1, 2026, replaces the 2020 version and aims to promote a safe financial system, encourage innovation, and expand financial inclusion through lower tariffs on micropayments. It also introduces broader accountability, mandating top management to ensure strict adherence and proper configuration of banking systems to apply only approved charges. The guide caps several banking charges, requires clear disclosure of fees, and allows customers to negotiate charges where applicable. Any new product or service not covered must receive prior written CBN approval. The new structure applies to a wide range of institutions, including commercial banks, microfinance banks, and mobile money operators. To enhance consumer protection, non-credit-related charges can only be applied if funds are available, and unpaid charges must be deferred without accr
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Nottingham Forest striker Taiwo Awoniyi is expected to stay in England beyond his current contract, aiming to qualify for a British passport, according to former Super Eagles midfielder Seyi Olofinjana. Awoniyi joined Forest in June 2022 for a club-record £17m. Olofinjana, who discovered Awoniyi as a teenager and has guided his career, stated that the striker intends to remain in England long enough to secure British citizenship. Under UK immigration rules, Awoniyi needs five continuous years of living and working in England to be eligible for Indefinite Leave to Remain ILR, which he could apply for in July 2027. After holding ILR for 12 months, he could then apply for British citizenship, potentially obtaining a British passport around July 2028, provided immigration rules do not change. This timeline aligns with his long-term plans at Forest, making a move outside England unlikely before then. Awoniyi has scored 21 goals and provided five assists in 90 league appearances for Forest across four Premier League seasons. He recently participated in the club's training camp in Spain under new manager Oliver Glasner and captained a friendly match against Blackburn Rovers, where he also scored.
Nigerian sprinter Favour Onyah has expressed her frustration and threatened to stop representing Nigeria after being excluded from the athletics squad for the 2026 Commonwealth Games. Onyah had qualified at the national trials, winning the women’s 400m final with a time of 52.68s and being selected for the women’s 4x400m relay team. She was among 15 athletes who began camp in Abuja, but did not proceed to the final phase of preparations in Scotland. In a TikTok post, Onyah stated, “Yes, I qualified for my first senior Commonwealth Games. And yes, I won’t be running for Nigeria. You can never guess the reason. I already forgave them three times; I don’t plan on making it four. You all are free to judge me for the next step I’ll be taking. I’ve had enough.” Earlier this year, Onyah represented Nigeria at the African Senior Athletics Championships and is a triple gold medalist from the 2025 CAA U-20 African Athletics Championships. Former Nigerian sprinter and athletics coach Deji Aliu criticized the Athletics Federation of Nigeria for inconsistency in its selection standards, emphasizing the importance of clear, published criteria for building trust with athletes, the public, and sponsors.
Championship club Wolverhampton Wanderers has reportedly prevented Nigerian striker Tolu Arokodare from training with the first team, despite new FIFA regulations designed to protect players from such practices. Reports indicate that Wolves canceled a training session after Arokodare refused to leave the pitch when instructed not to train. The following day, additional security was reportedly deployed to prevent the 25-year-old from returning. This situation arises weeks into the tenure of new manager Cesar Peixoto. Arokodare, who scored six goals last season, has been linked with a move away, with Serie A clubs Genoa and Fiorentina reportedly interested. Fiorentina's offer was reportedly rejected, and Arokodare also declined a move to Trabzonspor. The timing of this dispute is notable as FIFA recently introduced reforms to its Regulations on the Status and Transfer of Players, in agreement with FIFPRO. These revised rules prohibit clubs from making players train separately or placing them in "bomb squads" to exert pressure during transfer negotiations. FIFPRO stated that these reforms aim to protect players from abusive practices like demoting them or forcing them to train in isolation. Wolves have made several new signings, including Kieran Trippier, Raúl Jiménez, Rafiki Said, and Ladislav Krejčí, bringing their summer spending to approximately £26 million.