CBN GOVERNOR APOLOGIZES OVER FAILED ELECTRONIC BANKING TRANSACTIONS
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has apologized to Nigerians for the rise in failed electronic banking transactions.
Having implemented the naira redesign policy which caused subsequent cash shortage, Nigerians had encountered horrible transaction banking transactions made through their mobile apps, USSD platforms, and debit cards.
However, the apex’s bank payments system management department has put in efforts to guarantee that downtime on electronic banking channels was swiftly resolved.
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Nonetheless, he appreciates the efforts of fintech for creating a corridor of smooth transactions for Nigerians by lessening the strain on traditional banks.
His statement reads:
"I must apologize. Yes, online channels fail. But no doubt it is a result of the deluge of online transactions that hit the banking industry. But it is being resolved,”.
“Daily, our payments system management department monitors the online payment platforms to make sure that when there is a downtime, they are quickly resolved so that transactions can go on smoothly.”
“At the beginning of the naira redesign policy we said that there was about N3.23 trillion in circulation out of which only N500 billion was held in the banking system, while N2.73 trillion was outside the banks,” the CBN governor said.
“It was published yesterday that currency in circulation is close to N1 trillion. CBN will continue to pump the newly redesigned currency into the market.
“The truth is that at some point we will need to reassess to know whether the currency in circulation has attained an optimal level to put in place measures to ensure that we don’t go to the level where we were when people kept money outside the banking system for their benefits”. Bill
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