The Federal House of Representatives has called on the Central Bank of Nigeria (CBN) to instruct banks to improve their systems to punctually reverse and minimise failed transactions without requiring intervention from customers.
This resolution was reached following the approval of a motion presented on Tuesday by Emmanuel Ukpong-Udo during a plenary session.
Ukpong–Udo, explained that according to the Nigeria Inter-Bank Settlement System Plc, over 135, 500,000 Nigerians use banks.
The lawmaker said the CBN released a statement on June 8, 2020, revising timelines for reversals and resolution of refund complaints as follows; Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days, where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours”
Furthermore, he highlighted that the CBN also resolved that refunds for failed “Not-on-US” ATM transactions, shall not exceed four hours from the current 3-5 days, adding that the CBN also resolved that resolution of disputed/failed POS or Web transactions shall be concluded within 72 hours from the current five days.
Ukpong–Udo noted the swift increase in the number of failed banks and the consequences of the problem.
However, the House of Representatives, urged the apex bank to direct banks to reverse customers’ funds within the stipulated periods whether or not the customers lodge complaints.
The Green chamber also mandated the Committees on Banking Regulations, Banking and other Ancillary Institutions, and Digital and Electronic Banking to liaise with the apex bank and Nigeria Interbank Settlement System, NIBSS, to look into the issues and provide solutions.
Chinedum Anayo