🇳🇬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
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This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadFormer Senate Chief Whip Ali Ndume has called for a stronger United States military presence in Borno State, specifically urging American forces to establish a base in the Mandara Mountains. Speaking on Channels Television’s Politics Today, Ndume, who represents Borno South Senatorial District, stated that such a base could help eliminate Boko Haram insurgents operating in the region. He believes the Mandara Mountains could serve as a strategic point to observe and disrupt insurgent activities in areas like the Sambisa Forest and other enclaves. Ndume emphasized that the geographical positioning of the Mandara Mountains could help cut off supply routes and movement corridors used by insurgents across Borno State, thereby reducing the insurgency. His comments follow recent joint counter-terrorism operations between Nigeria and the United States Africa Command, which reportedly resulted in the killing of 175 ISIS terrorists in North-East Nigeria, as announced by the Defence Headquarters last month. Borno has been the epicenter of the Boko Haram insurgency for over a decade.
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BreakingAir raid sirens sounded in Israel as its military intercepted Iranian missiles, marking the first such attack since an April ceasefire. Iran's Revolutionary Guards described the attack as a "warning" following an Israeli strike on Beirut's southern suburbs. The April 8 ceasefire had paused major hostilities between Iran, Israel, and the United States, but efforts to achieve a lasting peace have stalled, with Sunday's events further dimming hopes as the Middle East conflict reached its 100th day. Tehran has maintained that any permanent peace deal must also address the conflict in Lebanon, where Israel is targeting Hezbollah, and had warned that new attacks on Beirut would lead to a "full-scale resumption" of hostilities. Israeli Prime Minister Benjamin Netanyahu's office confirmed striking a militant command center in Beirut's Dahiyeh district in response to Hezbollah's fire. The raid resulted in two deaths and 20 injuries, according to Lebanon's health ministry. Hezbollah later confirmed launching missiles and drones at Israeli army barracks. Mohammad Bagher Ghalibaf, Iran's parliament speaker, accused the US of enabling the Beirut attack, stating that US and Israeli assets are now "legitimate targets." Following the missile launches, Iran, Iraq, and Syria closed their airspaces. The escalation comes amidst economic strain in Iran, with citizens expressing hardship due to rising prices. Diplomatic efforts are ongoing, with Pakistan's interior minister visiting Tehran to deli