Reps ask CBN to intervene, ensure speedy resolution by banks on e-money transfer failure

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 has 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 Hon. Mohammed Shamsudeen Bello.

The motion partly 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;

“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”

The house 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 channeling complaints by aggrieved customers.