The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has apologised for the increase in failed electronic banking transactions.
Emefiele stated this while speaking at the end of the two-day monetary policy committee meeting in Abuja on Tuesday.
Since the implementation of the naira redesign policy and subsequent cash shortage, Nigerians have had a terrible time experiencing successful banking transactions made through their mobile apps, USSD platforms and debit cards.
Speaking on the matter, Emefiele said the apex’s bank payments system management department made efforts to ensure that downtime on electronic banking channels were quickly resolved.
“I must apologise. Yes, online channels fail. But no doubt it is as a result of the deluge of online transactions that hit the banking industry. But it is being resolved,” Emefiele said.
“On a daily basis, our payments system management department monitor the online payment platforms so as to make sure that when there is a downtime, they are quickly resolved so that transactions can go on smoothly.”
He also praised fintechs for facilitating smooth transactions for Nigerians by reducing the strain on traditional banks.
