Nigeria’s House of Representatives has asked the country’s Central Bank, the CBN to tackle the lingering issues that have affected electronic funds transfer services offered by banks and other financial institutions in the country.
The House made particular inference to complaints of failed and delayed transfers which it said has become a trend in the system.
The House said this during plenary on Wednesday, following a motion on a Call on the Central Bank of Nigeria to Ensure Swift E-Fund Transfer Services in the country by members representing Takai/Sumaila federal constituency of Kano State, Mohammad Shamsudeen Bello.
According to the House, such hitches were causing great inconveniences to customers, who in many cases lack the means of laying complaints.
It expressed concern that the avenues provided by the service providers may not be meeting the needs of customers, especially if such lapses are recorded on public holidays or weekends, where such financial institutions will not be available to attend to such complaints.
The legislators advised the CBN to pay more attention to issues of compliance with the regulations in this regard, having observed that financial institutions were flouting the regulation.
CBN in 2018 introduced a regulation on instant (Inter-Bank) Electronic Funds Transfer Services seeks to curb issues regarding delayed or failed transfer of funds as well as outline sanctions against banks and other financial institutions in the event of a failed or delayed E-Funds transfer.
The circular was directed at all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development financial institutions, payment service providers, and other stakeholders within the financial institutions.