The House of Representatives, on Wednesday, expressed grave concern over the inability of the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria.
The lawmakers who expressed their concerns during the debate on the motion sponsored by Hon Muhammed Bello underscored the need for the apex bank to make regulations with respect to the procedure of channelling complaints by aggrieved customers.
“The House notes that pursuant to Sections 2(d), 33(Ib) and 47(2) of the CBN Act, 2007, the Central Bank of Nigeria is saddled with the duty and responsibility to promote a sound financial system in Nigeria.
“The House also notes that via a circular dated September 13, 2018, the Central Bank of Nigeria (CBN) issued a regulation on instant (Inter-Bank) Electronic Funds Transfer Services targeted at various payment platforms that seek to provide Instant Electronic Funds Transfer Services in Nigeria.
“The House is aware that the circular was directed at all Deposit Money Banks, Micro Finance Banks, Other Financial Institutions, Mobile Money Operators, Development Financial Institutions, Payment Service Providers and
other stakeholders within the financial institutions.
“The House is also aware that the said circular was initiated to curb issues regarding delayed or failed Transfer of funds, and the regulation also stipulated sanctions against banks and other financial institutions in the event of a
failed or delayed E-Funds transfer.
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“The House is concerned that the regulations are not being complied with by Banks and other financial institutions as issues regarding failed and delayed transfers are still very pronounced in Nigeria.
“The House is also concerned that the delays occasioned by sending and receiving entities with respect to E-Funds Transfer Services have resulted in untold misery to Bank customers who depend on it for emergencies.
“The House is worried that customers of financial institutions across the country have inadequate means of filing
complaints and getting immediate resolutions over failed E-Funds transactions that occur on weekends and public holidays.
While ruling, the Deputy Speaker of the House of Representatives, Hon. Idris Wase who presided over the plenary mandated the House Committee on Banking and Currency to seek further legislative approach in ensuring compliance with the resolution.
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