This followed a motion moved in the House of Representatives by Hon. Emmanuel Ukpong-Udo titled: “Need to Restrain Commercial Banks from Holding Funds Reversal Beyond the Date Prescribed by the Central Bank of Nigeria.”
According to Ukpong-Udo, the DMBs were demanded to overhaul their payment systems to put an end to failed transactions and also affect the immediate reversal of funds after a failed transaction.
Recall the CBN in 2020, issued new directives for reversal of stuck customer funds.
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