𝗥𝗲𝗽 𝗨𝗸𝗽𝗼𝗻𝗴-𝘂𝗱𝗼 𝗔𝗱𝗼𝗽𝘁𝘀 𝗠𝗼𝘁𝗶𝗼𝗻 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗕𝗮𝗻𝗸𝘀 𝗙𝗿𝗼𝗺 𝗛𝗼𝗹𝗱𝗶𝗻𝗴 𝗙𝘂𝗻𝗱𝘀 𝗥𝗲𝘃𝗲𝗿𝘀𝗮𝗹 𝗕𝗲𝘆𝗼𝗻𝗱 𝗧𝗵𝗲 𝗗𝗮𝘁𝗲 𝗣𝗿𝗲𝘀𝗰𝗿𝗶𝗯𝗲𝗱 𝗕𝘆 𝗧𝗵𝗲 𝗖𝗕𝗡

••• 𝘼𝙨 𝙍𝙚𝙥𝙨 𝙏𝙖𝙨𝙠 𝘾𝘽𝙉 𝙊𝙣 𝘾𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨 𝙍𝙚𝙫𝙚𝙧𝙨𝙚𝙙 𝙁𝙪𝙣𝙙𝙨

The member representing Ikono-Ini Federal Constituency, Rt. Hon. Emmanuel Ukpong-udo has adopted a motion restraining commercial banks from holding funds reversal beyond the date prescribed by the Central Bank of Nigeria.

This follows the charge by the Federal House of Representatives on the Central Bank of Nigeria (CBN) to stop commercial banks in the country from holding customers reversed funds beyond the stipulated period.

The House also mandated its 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 to look into the issues, provide solutions.” The joint committee is expected tinreport back to the House within four weeks for future legislative action.”

Ukpong-Udo, in his motion, informed the House that the apex bank, in a statement on June 8, 2020, announced timelines for reversals and resolution of refund complaints including Failed “On-Us” automated teller machines transactions.

The lawmaker explained that, according to the CBN, “Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours; refunds for failed “Not-on-US” ATM transactions (where customers use their cards on other banks’ ATM) shall not exceed 4 per cent hours from the current 3-5 days

“Resolution of disputed/ ailed POS or web transactions shall be concluded within 72 hours from the current five days,” stressing that “All banks are directed to resolve the backlog of all ATM, POS, and web customer refunds within two weeks starting June 8, 2020.”

He expressed worry that the financial sector, in the country, “is facing serious concerns due to persistent complaints of failed customer transactions, with over 69 per cent of complaints in July 2023 encompassing failed transactions.”

Ukpong-Udo added that, “the rapid increase in numbers of failed banks and the magnitude of the problem which has reached an unprecedented level and alarmed that the high rate of failed bank transactions is causing a decrease in business investments and lending across the country.”

The lawmaker urged the CBN to direct banks to work on their systems in mitigating failed transactions without the customer’s prompting, and to ” reverse customers’ funds within the stipulated periods whether or not the customers lodge complaints.”