Reps Seek Overhaul Of Banks’ Electronic System

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct all commercial banks in the country to immediately overhaul their existing online/electronic banking platforms for efficiency and ease of carrying out electronic transactions.

There have been massive complains of failed or erroneous debits and related mix-up in electronic transactions since the introduction of the naira redesign policy, aimed at reducing the volume of cash in circulation by the CBN.

The House in passing also mandated its committee on Banking and Currency to ensure the apex’s compliance with the call, and report back progress within four (4) weeks for further legislative action.

The member representing Esan North East/Esan South East federal constituency, Hon Sergius Ose Ogun, had in a motion to that effect, noted that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly, including the Central Bank of Nigeria.

The lawmaker lamented that “in the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country”, a development he observed is putting more pressure on the banks’ electronic platforms.

He argued that “the use of online or internet banking services by Nigerians in the past three months or thereabout has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others”.

He noted that it was disturbing that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most Commercial Banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months, over which “if nothing is done by the Central Bank of Nigeria and the Commercial Banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions”.