The House of Representatives has mandated banks in Nigeria to promptly reverse customers' funds, regardless of whether complaints are lodged. They emphasized the need for banks to enhance their systems to reduce failed transactions and automatically reverse such transactions without customer intervention.
In response to a motion by Emmanuel Ukpong-Udo (YPP, Akwa Ibom), the House directed its committees on Banking Regulations, Banking and other Ancillary Institutions, and Digital and Electronic Banking to collaborate with the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) to address these issues.
Ukpong-Udo highlighted that over 133.5 million Nigerians utilize banking services, citing Nigeria Inter-Bank Settlement System Plc. He also noted the CBN's revised timelines for transaction reversals and refunds, aiming to resolve failed transactions more swiftly.
Expressing concern over the adverse effects of these issues on Nigeria's financial sector, Ukpong-Udo stressed the urgent need to address the increasing rate of failed transactions, which is hindering business investments and lending activities in the country.
