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Reps urge CBN to address delay in electronic funds

The House of Representatives has urged the Central Bank of Nigeria to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria with a view to finding a lasting solution to the problem.

It also appealed to the apex Bank to make regulations with respect to the procedure channelling complaints by aggrieved customers.

This was the resolution of a motion moved by a member from Kano State Muhammed Bello at plenary.

According to him, the regulations are not being complied with by Banks and other financial institutions as issues regarding failed and delayed transfers are still very pronounced in the Country.

Mr Mohammed while expressing concern over the delays occasioned by sending and receiving entities with respect to E-Funds Services, says customers of financial institutions across the country have inadequate means of filing complaints and getting immediate resolutions over failed transactions that occur on weekends and public holidays.

Ruling on the motion, the Deputy Speaker Ahmed Wase mandated the Committee on Banking and Currency to seek further legislative approach in ensuring compliance of the resolution.

Reporting bt Ibrahim Shehu, Editing by Marian Benjamin , Omotola Oguneye