House Demands Overhaul of Electronic Banking Platforms

 Juliet Akoje in Abuja

The House of Representatives yesterday urged 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.

This resolution followed the adoption of a motion calling on the CBN to Direct all Commercial Banks to Overhaul their Online Banking Service Platforms to Ease Electronic Banking Operations moved by Hon. Sergius Ose Ogun.

Ogun Noted that 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 Central Bank of Nigeria).

According to him, the CBN was established under Section of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria.

“Section 2 of the Central Bank of Nigeria Act saddles the Central Bank of Nigeria with the duty of promoting a sound financial system in Nigeria.

“In the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria, 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,” he said.

He further stressed that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most commercial banks had brought untold hardship, suffering and difficulties on Nigerians in the past three months.

“If nothing is done by the CBN 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 transactions,” he added.