Reps Urge CBN To Direct Deposit Money Banks To Overhaul Electronic Banking Platforms


By Gloria Ikibah

The House of Representatives has called on the Central of () to direct all Commercial Banks in the country to immediately overhaul their existing online/electronic banking platforms for efficiency and
ease of conducting electronic banking operations.

This was sequel to a motion by Hon. Sergius Ogun, lawmaker representing representing Esan North East/Esan South East federal constituency at plenary on Thursday.

The lawmaker stated that in the wake of the recent and cash withdrawal limit policy of the Central Bank of Nigeria CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country .

The lawmaker however, noted that the use of online or internet banking services by Nigerians in the past three months has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others.

Hon. Ogun said that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most Commercial Banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months.

He further expressed concern that if nothing is done by the Central Bank of Nigeria and the Commercial Banks to address these difficulties, Nigerians will continue to suffer untold hardships
and loss of monies to unsuccessful electronic bank transactions.

The house adopted the motion and mandated the committee on Banking and Currency to ensure compliance and report back to the house within four weeks for further legislative action.

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