Condition of Nigeria’s Online Banking System Worries Lawmakers, Overhaul from CBN & Banks

CBN Gov, Godwin Emiefele

The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct all Commercial Banks in the country to urgently overhaul their existing online/electronic banking platforms for efficiency and ease of conducting electronic banking operations.


The House passed the resolution in Abuja on Thursday at its plenary presided over by the Speaker of the House, Hon. Femi Gbajabiamila.

The resolution was passed sequel to a motion moved by a member from Edo state, Hon. Sergius Ose-Ogun at plenary.

He stated that there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country in the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria.

The lawmaker however, noted that the use of online or internet banking services by Nigerians in the past three months or there about has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others.

According to him, the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most Commercial Banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months.

Ogun expressed concern stating that if nothing is done by the Central Bank of Nigeria and the Commercial Banks to address these difficulties, Nigerians will continue to suffer untold hardships
and loss of monies to unsuccessful electronic bank transactions.

While adopting the motion, the house mandated the committee on banking and Currency to ensure compliance and report back to the house within four weeks for further legislative action.

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