New Telegraph

Cash Scarcity: Reps direct banks to overhaul online banking services

Following the difficulties experienced by commercial bank customers in carrying out online transactions, the House of Representatives yesterday 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.

This followed the adoption of a motion sponsored by Rep. Sergius Ose Ogun at the plenary presided over by Speaker Femi Gbajabiamila. Presenting the motion, the lawmaker noted that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly (like the Central Bank of Nigeria).

The lawmaker said he was aware that the Central Bank of Nigeria is established under Section 1 of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria. “Also aware that Section 2 of the Central Bank of Nigeria Act saddles the Central Bank of Nigeria with the duty of promoting a sound financial system in Nigeria” Ogun acknowledged that 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.

“Also acknowledged that the use of online or internet banking services by Nigerians in the past three months or thereabout 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; “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 Central Bank of Nigeria and the commercial banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions,” he said. The motion seconded by Rep Akin Alabi was unanimously adopted.

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