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Representatives urge CBN to address delays in e-money transfers by financial institutions – The Sun Nigeria

By on July 20, 2022 0

The House of Representatives has urged the Central Bank of Nigeria (CBN) to address delays resulting from instant (interbank) electronic funds transfer services in Nigeria.

The call followed the unanimous adoption of a motion by Representative Mohammed Bello (APC-Kano) during Wednesday’s plenary.

Moving the motion, Bello said that under Sections 2(d), 33(I)(b) and 47(2) of the CBN Act 2007, the apex bank is charged with the duty and responsibility to promote a sound financial system in Nigeria.

According to him, the CBN, through a circular dated September 13, 2018, issued regulations on instant (interbank) electronic funds transfer services for various payment platforms seeking to provide the service in Nigeria.

“The circular was addressed to all depository banks, micro-finance banks, other financial institutions, mobile money operators, development financial institutions, payment service providers and other stakeholders within financial institutions.

“The said circular was initiated to limit the problems of delayed or failed transfer of funds, and the regulation also provided for sanctions against banks and other financial institutions in the event of failure or delay in transferring electronic funds.

“Concerned that regulations are not being adhered to by banks and other financial institutions, as issues regarding failed and delayed transfers are still very pronounced in Nigeria.

“Also concerned that the delays caused by sending and receiving entities with respect to electronic funds transfer services have resulted in untold misery for bank customers who rely on them in times of emergency,” did he declare.

The representative said that customers of financial institutions across the country have no adequate way to file complaints and get immediate resolutions on failed E-Funds transactions that occur on weekends and holidays.

The house also urged the CBN to regulate the procedure for channeling complaints from aggrieved customers.

In his decision, Vice President Ahmed Wase instructed the House Banking and Currency Committee to ensure compliance. (NOPE)