**CBN, NCC Propose 24-Hour Window for Refunds on Airtime and Data Gaffes** In a bid to address the perennial issue of mistaken airtime and data transactions, Nigeria's telecom and financial regulators have unveiled a joint proposal that seeks to mandate 24-hour refunds for everyday errors. The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have released a draft framework that aims to put an end to consumer pain points associated with mistaken purchases and wrong-number transfers. For the first time, mobile network operators (MNOs) and banks will be held accountable for consumer errors, such as wrong-number transfers and mistaken value purchases. Under the proposed framework, subscribers who have been overcharged or debited without service delivery will be entitled to a refund within 24 hours after lodging a complaint. To prevent fraud, the framework introduces value-based thresholds for reversing transactions. For transactions above ₦20,000 ($14.64), subscribers will need to provide an affidavit of indemnity or a notarised letter before a refund is processed. Smaller transactions between ₦1,000 ($0.73) and ₦20,000 ($14.64) will require recipient consent, facilitated by the mobile network operators. This development is a significant step towards addressing the long-standing issue of consumer complaints around failed airtime and data transactions. In January, TechCabal reported that the CBN and NCC planned to introduce a new consumer protection framework that mandates near-instant refunds for failed transactions. The draft framework released on Monday builds on these efforts, aiming to address mistaken purchases and provide a sustainable, coordinated approach to consumer redress. If adopted, subscribers will be able to lodge complaints with either their bank or mobile network operator for refunds when they are debited without service delivery or make wrong value purchases. The framework mandates banks and MNOs to create formal dispute resolution processes, document all claims, and process them within defined service-level timelines. The regulators plan to introduce a central monitoring dashboard for tracking reversals, SLA breaches, and customer complaints. This will facilitate the establishment of a real-time national "Failed Transactions Dashboard" with uniform error codes, providing end-to-end visibility across the value chain. The proposed framework is a welcome development for Nigerian consumers, who have long been plagued by the issue of mistaken airtime and data transactions. If implemented, it will provide a much-needed boost to consumer confidence in Nigeria's digital services ecosystem