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.
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.
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.
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.
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