Reps Lament Poor Electronic Transfer Services of Banks

July 21, 2022
electronic transfer services

By Aduragbemi Omiyale

The House of Representatives on Wednesday expressed worry over the poor electronic transfer services of banks in the country, calling on the Central Bank of Nigeria (CBN) to urgently take steps to address the issue.

The matter was put into a debate yesterday after a lawmaker, Mr Mohammed Shamsudeen Bello, raised a motion to lament the untold hardship this has brought on bank customers.

He argued that some customers who want to use such services to solve urgent financial needs and transactions usually experience failed e-transfers and efforts to escalate the issue are futile.

According to him, customers of financial institutions usually find it difficult to file complaints and get immediate resolutions over failed electronic fund transfers that occur on weekends and public holidays despite the CBN issuing a circular that this would not be the case.

It was noted that the apex bank had in a circular dated September 13, 2018, “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 and was directed at all Deposit Money Banks (DMBs), Micro Finance Banks, Other Financial Institutions, Mobile Money Operators, Development Financial Institutions, Payment Service Providers and other stakeholders within the financial institutions 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 legislator, in his motion, expressed worry 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 [and] have resulted in untold misery to bank customers who depend on it for emergencies.”

After contributions to the motion, the reps, through a resolution passed, called on the central bank to look into the matter and ensure that banks and other financial institutions promptly resolve any delays suffered by customers using their electronic transfer services.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Leave a Reply

consumer goods sector
Previous Story

Market Sheds 0.23% as Investors Offload Consumer Goods, Banking Stocks

Alternative Bourse NASD Securities
Next Story

Selling Pressure Wipes Off N7.07bn from NASD Bourse

Latest from Economy