Reps urge CBN to address difficulties in online banking transactions

The House of Representatives on Thursday urged the Central Bank of Nigeria (CBN) to address the difficulties faced by Nigerians in using electronic banking platforms.

This followed the adoption of a motion moved by the lawmaker representing Esan North East/South East Federal Constituency in Edo State, Sergius Ogun, at the plenary in Abuja.

The redesign of the naira notes led to an increase in the use of electronic channels including Point of Sale (PoS), debit cards, and USSD platforms for banking transactions.

The lawmaker lamented that the increase in the use of online platforms had caused Nigerians to lose monies to failed transactions.

READ ALSO:Cashless policy not meant to abolish cash transactions –Moghalu to CBN

Ogun 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.”

The Deputy Speaker of the House of Representatives, Ahmed Wase, in his ruling, mandated the House Committee on Banking and Currency to ensure compliance with the directive and report back to the House within four weeks.

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