The House of Representatives is worried over increasing cases of failed or incomplete e-fund transfer services offered by banks and other financial institutions in the country.
It said the problem had brought untold hardships on bank customers, who sought to use such services to solve urgent financial needs and transactions.
Lawmakers, through a resolution passed in Abuja on Wednesday, called on the Central Bank of Nigeria to look into the matter by ensuring that banks and other financial institutions promptly resolved any delays suffered by customers using their electronic transfer services.
The resolution followed a motion on notice moved by Rep Mohammed Shamsudeen Bello.
The House specifically urged the 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” and “make regulations with respect to the procedure channelling complaints by aggrieved customers.”
The motion reads, “The House notes 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;
“Also notes that via a circular dated September 13, 2018, the Central Bank of Nigeria (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;
“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;
“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;
“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;
“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;
“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.”
