Reps urge CBN to address delay in e-money transfers by financial institutions

Posted by News Express | 21 July 2022 | 238 times

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The House of Representatives has urged the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria.

he call was sequel to a unanimous adoption of a motion by Rep. Mohammed Bello (APC-Kano) at plenary on Wednesday.

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

According to him, the CBN via a circular dated Sept. 13, 2018 issued a regulation on instant (Inter-Bank) Electronic Funds Transfer Services targeted at various payment platforms that seek to provide the service in Nigeria.

“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.

“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,” he said.

The rep said that customers of financial institutions across the country have no adequate means of filing complaints and getting immediate resolutions on failed E-Funds transactions that occur on weekends and public holidays.

The house also urged the CBN to make regulations with respect to the procedure channelling complaints by aggrieved customers.

In his ruling, Deputy Speaker Ahmed Wase, mandated the house Committee on Banking and Currency to ensure compliance. (NAN)

Source: News Express

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