Despite the measures put in place by banks in Nigeria to solve electronic fund transfer issues, the issue persists as it is yet to be completely resolved. Due to delays in electronic fund transfer and unsuccessful transaction issues, the house of representatives has urged the Central Bank Of Nigeria to address the persistent issue.
Mohammed Bello, a lawmaker from the All Progressive Congress (APC) representing Kano, moved a motion under sections 2(d), 33 (1) b, and 47 (2) of the CBN act, 2007, that the Central Bank is saddled with the responsibility of promoting a sound financial system in Nigeria.
Recall that the CBN on the 13th of September 2018, issued a circular on the regulation on instant interbank electronic funds transfer services. The following year, the CBN had to issue a circular to all banks in Nigeria, stating that any failed Electronic fund transfer not reversed into the customer’s account within 24 hours after a complaint by the sender, will attract a fine of N10,000.
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The Central Bank of Nigeria (CBN) disclosed that commercial banks have refunded N89.2 billion to customers over various financial-related complaints from 2012 to June 2021.
Despite this circular being issued by the CBN, the house of reps are worried that the regulations are not being complied with by these banks, as issues concerning delayed transfers and failed payments are still very rampant.
The reps also cited a major constraint that customers of financial institutions across the country have no adequate means of filing complaints and getting immediate resolutions on failed E-funds transactions, which usually occur during weekends and public holidays.
Customers reveal that when these failed transactions happen on weekends, it poses a serious challenge to them as it makes some of them incapable of attending to family and personal needs. Also, failed and delayed electronic funds transfers have sometimes resulted in untold misery for bank customers who were in dire need of cash for emergencies.
These technical issues frequently continue to impede bank activities when the banking hall continues to be flooded with customers making complaints about electronic funds transfer issues, which often makes some of these banks lose customers.
Experts have disclosed that lack of commitment from these banks has caused displeasure in the recurring phase of delayed or failed fund transactions. They further disclosed that Bank customers process a lot of transactions during weekends, and due to the high volume, these banks sometimes can’t handle the magnitude of such transactions.
They however urged the banks to upgrade their network facilities to meet up with the needs of their customers.