House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to work on their systems to mitigate failed transactions and immediately reverse failed transactions without the customer’s prompting.
The decision of the House follows the adoption of a motion moved at by Emmanuel Ukpong–Udo, expressing worry that the high rate of failed bank transactions is causing a decrease in business investments and lending across the country.
The House also mandated the committees on banking regulations and digital electronic banking to liaise with the Apex bank and Nigeria interbank settlement system in order to look into the issues and provide solutions.