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Reps Urge CBN to Curb Banks’ Delay in Returning Customers’ Funds

Reps Urge CBN to Curb Banks' Delay in Returning Customers' Funds Reps Grill Humanitarian Affairs Minister over 2021 budget

In a bid to address the prolonged holding of customers’ reversed funds by commercial banks, the House of Representatives has called on the Central Bank of Nigeria (CBN) to intervene.

This decision came after the adoption of a motion titled, “Need to restrain commercial banks from holding funds reversal beyond the date prescribed by the Central Bank of Nigeria,” moved by Emmanuel Ukpong-Udo, representing Ikono/Ini Federal Constituency, Akwa Ibom State.

The motion highlighted the CBN’s previous directives regarding timelines for the reversal and resolution of refund complaints.

Despite these guidelines, complaints of failed customer transactions persist, with over 69 percent of grievances in July 2023 attributed to such failures.

Expressing concern over the impact of these failed transactions on Nigeria’s financial sector, the House emphasized the need for banks to address system issues proactively to mitigate such incidents.

Additionally, they urged the CBN to instruct banks to expedite the reversal of customers’ funds within stipulated periods, irrespective of whether the customers had lodged complaints.

To further address the issue, the House mandated relevant committees to collaborate with the CBN and the Nigeria Interbank Settlement System to investigate the matter, propose solutions, and report back within four weeks for further legislative action.

This move by the House underscores the importance of ensuring the timely resolution of customer complaints and maintaining trust and confidence in the banking sector.

This Article is Fact-Checked. See Policy.
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