Reps to restrain banks from holding customers’ reversed funds

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The House of Representatives, has mandated the Central Bank of Nigeria to restrain commercial banks from holding reversed funds of customers beyond the timeline stipulated by the apex bank.
The resolution of the House followed 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 a member representing Ikono/Ini Federal Constituency, Akwa Ibom State, Emmanuel Ukpong-Udo.
The lawmaker recalled that on June 8, 2020, the CBN, in a statement announced timelines for reversals and resolution of refund complaints including Failed “On-Us”, automated teller machines transactions (when customers use their cards on their bank’s ATMs) “Shall be instantly reversed from the current timeline of three days.”
He also noted that “Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.
Leading the debate, the lawmaker said, The House is worried that Nigeria’s financial sector 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

Written by: bossgmsi

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