Reps to CBN: Direct commercial banks to overhaul online banking platforms

The House of Representatives has called on the Central Bank of Nigeria (CBN) 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.

The resolution followed the unanimous adoption of a motion sponsored by Sergius Ogun from Edo State at plenary on Thursday.

Presenting the motion, Ogun said 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 CBN).

He said the CBN was established under Section 1 of the CBN Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria while Section 2 of the Act saddles the Apex Bank of Nigeria with the duty of promoting a sound financial system in Nigeria.

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The lawmaker 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.

Ogun 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.”

He expressed worry 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 transaction.

The House while adopting the motion, mandated the Committee on Banking and Currency to ensure compliance and report back within four weeks for further legislative action.