Naira Policy: Reps urge CBN to commence overhaul of online banking platforms

The House of Representatives has asked Central Bank to direct all commercial banks to overhaul their online banking service platforms to ease electronic banking operations.

The resolution followed a motion moved by Sergius Ogun (PDP, Edo) on Thursday during plenary.

Speaking on the banking system, Mr Ogun said the online platforms have not been able to cope with the surge in transactions.

He stated that the Naira redesign policy has led to hardship and suffering because the banks cannot cope.

“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.

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“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 said.

He added 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 transactions.”

Members voted overwhelmingly for the motion when it was put to question by the deputy Speaker, Idris Wase (APC, Plateau), without debate.

The House directed its committee on banking and currency to ensure compliance and report back within four weeks for further legislative action.