Nigeria’s House of Representatives has urged the Central Bank of Nigeria (CBN) to direct commercial banks in the country to overhaul their online and electronic banking platforms. This motion was moved at a plenary session by Sergius Ose Ogun, a representative from Edo State, with the aim of improving the efficiency and ease of conducting electronic banking operations and curbing transaction failures.
Ogun noted that the recent naira redesign and cash withdrawal limit policy of the CBN have increased the use of online and electronic banking services in Nigeria. However, the use of these services has been characterized by varying degrees of hitches, including unsuccessful electronic bank transfers, point of sale (POS) service failure, and others.
He argued that the ineffectiveness and difficulty in using internet banking services across the online banking platforms of most commercial banks in Nigeria have brought untold hardship, suffering, and difficulties on Nigerians in the past few months. If nothing is done to address these issues, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.
The motion was adopted by the House, and the Committee on Banking and Currency was mandated to ensure compliance with the resolution and report back within four weeks for further legislative action.
This call for the overhaul of electronic banking platforms in Nigeria is a significant move towards improving the country’s financial sector. With the increasing adoption of electronic banking services in the country, it is essential to ensure that these services work efficiently and effectively to provide Nigerians with the ease of conducting financial transactions. The CBN and commercial banks must take this motion seriously and take the necessary steps to improve their electronic banking platforms to meet the needs of Nigerians.
Vanguard
