Emefiele Expresses Apology Regarding Failed Electronic Transactions
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has apologized to Nigerians for the increase in unsuccessful electronic banking transactions.
Tuesday, at the conclusion of a two-day meeting of the monetary policy committee in Abuja, Emefiele assured Nigerians that the issue will be resolved quickly.
According to him, the apex’s bank payments system management division made efforts to address downtime on electronic banking channels after Nigerians endured a terrible time with their mobile apps, USSD platforms, and debit cards following the implementation of the naira redesign policy and subsequent cash shortage.
“We must apologise. Yes, online channels fail. But there is no doubt that this is due to the deluge of online transactions that has hit the banking industry. “However, I believe it is being resolved,” Emefiele said.
Our payments system management department monitors the online payment platforms on a daily basis to ensure that any downtimes are quickly resolved so that transactions can continue without interruption.
During the briefing, the CBN head also discussed the country’s money supply, stating that the implementation of the naira redesign policy has led to a decrease in currency outside of banks.
He praised fintechs for facilitating seamless transactions for Nigerians by relieving pressure on conventional banks.
Before the redesign of the naira, the CBN governor stated that there was approximately N3.23 trillion in circulation, of which only N500 billion was held in the banking system and N2.73 trillion was held outside the banking system.
“It was reported yesterday that in circulation currency is close to N1 trillion,” CBN will continue to flood the market with the newly redesigned currency.
“The truth is that at some point we will need to reassess whether the currency in circulation has reached an optimal level so that we can put measures in place to ensure that we do not return to a situation where people kept money outside of the banking system for their own benefit,” he added.
(TNT)
