In response to growing concerns over failed transactions and delays in their reversal, the House of Representatives has called upon the Central Bank of Nigeria (CBN) to compel banks to bolster their systems for more efficient resolution without requiring customer intervention.
The decision came after the House adopted a motion titled, “Need to restrain commercial banks from holding funds reversal beyond the date prescribed by the Central Bank of Nigeria,” presented by Hon. Emmanuel Ukpong-Udo, representing Ikono/Ini Federal Constituency, Akwa Ibom State.
During the session, the lawmaker highlighted the CBN’s directives issued on June 8, 2020, which outlined specific timelines for the reversal and resolution of refund complaints. These guidelines mandated the instant reversal of Failed “On-Us” automated teller machine (ATM) transactions, with a maximum manual reversal timeline of 24 hours in case of technical issues or system glitches. Additionally, refunds for failed “Not-on-US” ATM transactions and resolution of disputed POS or web transactions were also addressed, with respective timelines specified for each.
Despite these directives, concerns have persisted regarding the timely resolution of such transactions, prompting the House to urge the CBN to ensure strict compliance by banks. The motion emphasized the importance of expediting the backlog of ATM, POS, and web customer refunds within the stipulated timelines to enhance customer satisfaction and confidence in the banking sector.
The House’s call underscores the need for continuous improvement in banking services to meet evolving customer expectations and regulatory standards. It highlights the legislative body’s commitment to addressing issues affecting the financial well-being of Nigerian citizens and promoting transparency and efficiency in the banking industry.
