• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, September 6, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Reps Ask CBN To Address Delays In Electronic Bank Transfers

by Adebiyi Adedapo
3 years ago
in News
Cbn
Share on WhatsAppShare on FacebookShare on XTelegram

House of Representatives has urged the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) electronic funds transfer services in Nigeria with a view to finding a lasting solution to the problem.

Advertisement

The House also urged the CBN to make regulations with respect to the procedure channelling complaints by aggrieved customers and mandated the Committee on Banking and Currency to ensure compliance.

This followed the adoption of a motion on a Call on the Central Bank of Nigeria to Ensure Swift E-Fund Transfer Services in Nigeria by Hon. Mohammed Shamsudeen Bello.

The House noted that pursuant to Sections 2(d), 33(I)b) 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.

It also noted that via a circular dated September 13, 2018, the 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.

ADVERTISEMENT

The House said it was 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.

It said it was 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.

The House was 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.

ADVERTISEMENT

The House was 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.

It 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.

 

 

 

RELATED

Worrisome State Of Renewed Banditry In Kaduna Communities

Residents Kill 10 Bandits, Rescue Kidnap Victims In Sokoto

18 minutes ago
JUST-IN: 18 Passengers Abducted In Edo-owned Transport Bus

JUST-IN: 18 Passengers Abducted In Edo-owned Transport Bus

1 hour ago

 

 


Join Our WhatsApp Channel



SendShare10205Tweet6378Share
ADVERTISEMENT
Previous Post

20-year-old Raped, Killed In Edo

Next Post

Minister Absent As Reps Probe Fuel Subsidy

Adebiyi Adedapo

Adebiyi Adedapo

You May Like

Worrisome State Of Renewed Banditry In Kaduna Communities
News

Residents Kill 10 Bandits, Rescue Kidnap Victims In Sokoto

2025/09/06
JUST-IN: 18 Passengers Abducted In Edo-owned Transport Bus
News

JUST-IN: 18 Passengers Abducted In Edo-owned Transport Bus

2025/09/06
CSO Faults Imposition Of LG Caretaker Executives In Akwa Ibom
News

Gov Eno Signs Akwa Ibom Electricity Bill Into Law

2025/09/06
Kogi Government Reiterates Commitment To Tackle Erosion, Flooding
News

Kogi Government Reiterates Commitment To Tackle Erosion, Flooding

2025/09/06
Obi Faults Tinubu’s Frequent Trips At Expense Of Nigerians’ Suffering
News

Obi Faults Tinubu’s Frequent Trips At Expense Of Nigerians’ Suffering

2025/09/06
Gov Alia Dismisses Waya’s Petition To Pope Leo XIV, Says It’s Empty Vengeful Outing
News

Gov Alia Dismisses Waya’s Petition To Pope Leo XIV, Says It’s Empty Vengeful Outing

2025/09/06
Leadership Conference advertisement

LATEST

Residents Kill 10 Bandits, Rescue Kidnap Victims In Sokoto

JUST-IN: 18 Passengers Abducted In Edo-owned Transport Bus

Gov Eno Signs Akwa Ibom Electricity Bill Into Law

Kogi Government Reiterates Commitment To Tackle Erosion, Flooding

Obi Faults Tinubu’s Frequent Trips At Expense Of Nigerians’ Suffering

Gov Alia Dismisses Waya’s Petition To Pope Leo XIV, Says It’s Empty Vengeful Outing

Ex-Gombe Deputy Governor, PDP Chieftain Join APC

Production Sharing Contract And Nigeria’s Pursuit Of Increased Crude Oil Production

How To Buckle Up That Child

At 14th Biennial Conference, Minister Hails MDCAN’s Commitment To Healthcare

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.