Naira scarcity: Reps demand overhaul of internet banking platforms

by Ajuma Edwina Ameh
2 minutes read

Nigeria’s Central Bank has been directed by the House of Representatives to order commercial banks to overhaul their existing online/electronic banking platforms for a more efficient electronic banking operations.

This followed a unanimous adoption of a motion by Rep. Sergius Ogun (PDP-Edo) at plenary on Thursday.

Persecondnews reports that since the naira redesign, cash withdrawal limit policy and naira scarcity began, transactions using bank apps or USSD codes have become a nightmare with numerous transaction failures.

Moving the motion, Ogun cited Section 88 (1) and (2) of the Constitution that it empowers the National Assembly to conduct investigations into activities of any authority executing or administering laws made by the assembly like the CBN.

According to him, Section 2 of the Act places CBN with the responsibity of promoting a sound financial system in Nigeria.

He said: “In the wake of the recent naira redesign and cash withdrawal limit policy of the CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country.

“The use of online or internet banking services by Nigerians in the past three months or thereabout has been characterised by varying degrees of hitches ranging from unsuccessful electronic bank transfers, Point of Sale (PoS) service failure and a host of others.

“Disturbed 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.

“Worried that if nothing is done by the CBN to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.”

In his ruling, the Deputy Speaker of the House, Mr Ahmed Wase, who presided, mandated the Committee on Banking and Currency to ensure full compliance and report back within four weeks for further legislative action.

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