Reps ask CBN to ensure overhaul of online banking services

The House of Representatives on Thursday called on the Central Bank of Nigeria (CBN) to direct all commercial banks to overhaul their online banking service platforms to ease electronic banking operations in the country. This followed the adoption of a motion by Rep Sergius Ose Ogun who lamented the failure of online banking platforms in […]

The House of Representatives on Thursday called on the Central Bank of Nigeria (CBN) to direct all commercial banks to overhaul their online banking service platforms to ease electronic banking operations in the country.

This followed the adoption of a motion by Rep Sergius Ose Ogun who lamented the failure of online banking platforms in the wake of the implementation of the cashless policy by the apex bank:

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

He, however, lamented that, “The use of online or internet banking services by Nigerians in the past three months or thereabouts has been characterised by varying degrees of hitches ranging from unsuccessful electronic bank transfers, Point of Sale (POS) service failure to a host of others.”

CBN, stakeholders target children in global money week campaign

Reps ask CBN to ensure overhaul of online banking services

He expressed worry that if nothing was done by the CBN and the commercial banks to address the difficulties or ineffectiveness, Nigerians would continue to suffer untold hardship and loss of monies to unsuccessful electronic bank transactions.

The house, while adopting the motion, mandated its committee on banking and currency to ensure compliance and report back within four weeks for further legislative action.