House of Representatives has expressed concern over the high rate of failed bank transactions in the country.
The concern is contained in a motion initiated by Emmanuel Ukpong-Udo and adopted by the House at a plenary session presided by the Speaker, Tajudeen Abbas.
Following the adoption, the House urged the Central Bank of Nigeria (CBN) to direct banks to work on their systems towards mitigating failed transactions and to immediately reverse failed transactions without the customer’s prompting.
The Speaker mandated the House 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.
Ukpong–Udo (YPP: Cross River) drew the attention of his colleagues to the fact that Nigeria’s financial sector was facing serious concerns due to persistent complaints of failed customer transactions, with over 69 per cent of complaints in July 2023 encompassing failed transactions.
Referring to data from the Nigeria Inter-Bank Settlement System Plc, stating that over 133.5 million Nigerians use banks, he claimed that the high rate of failed bank transactions was causing a decrease in business investments and lending across the country.
