CBN silent as banks’ customers suffer more failed transactions
One major revelation of the recent failed Central Bank of Nigeria’s (CBN) Naira redesign policy has been the unprecedented volume of failed transactions complaints from customers due to network hiccups.
Investigations showed that majority of the banks were never ready for the high traffic of electronic fund transfers caused by scarcity of cash during the period of the naira redesign.
Besides, findings still show that up till now, failed transactions complaints are still rising across all the banks and on MasterCard transactions.
However, checks show that the apex bank has not found it necessary to even worry banks to give treatment of complaints a limited time frame, rather customers are further frustrated at the Customer care front desks of many banks up till today.
Already, reports revealed that Guaranty Trust Holding Company Plc (GTCO), Wema Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc (UBA), Zenith Bank Plc and First City Monument Bank (FCMB) received over four million failed transactions complaints from their customers between January and March 2023.
The meaning of the report therefore is that banks were never ready for the high traffic coming from cashless policy of the CBN.
