House Of Reps Sets New Guidelines For Banks On Customers’ Reversed Funds

House Of Reps Sets New Guidelines For Banks On Customers’ Reversed Funds

The House of Representatives has issued a set of directives to the Central Bank of Nigeria (CBN), instructing it to ensure that commercial banks adhere to specified timelines for reversing customers’ funds…….read also House Of Reps Directs Health Ministry To Combat Unregulated Drug Sales

This decision was reached following 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,” introduced by Emmanuel Ukpong-Udo, representing Ikono/Ini Federal Constituency, Akwa Ibom State.

The motion highlighted the CBN’s guidelines issued on June 8, 2020, which stipulated timelines for the reversal and resolution of refund complaints. It emphasized the importance of prompt reversal of failed transactions to uphold customer confidence and financial stability.

During the debate, concerns were raised regarding the challenges facing Nigeria’s financial sector, including an increase in failed transactions and a decline in business investments. In response, the House emphasized the need for banks to upgrade their systems to handle failed transactions efficiently.

As part of its resolution, the House urged the CBN to direct banks to promptly reverse customers’ funds within the specified periods, irrespective of whether customers lodge complaints. Additionally, relevant House committees were instructed to collaborate with regulatory bodies to propose solutions and report back within four weeks for further legislative action.

This move by the House underscores its commitment to protecting the interests of the public and ensuring transparency and accountability in Nigeria’s banking sector.