Reps hopeful disagrees with new CBN directive on risk burden

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From Chuks Collins, Awka
June 9,2022

A Federal House of Representatives aspirant hopeful for the Ihiala Federal Constituency in Anambra State, Barrister Johnmary Akachukwu Maduakolam has disagreed with the new Central Bank of Nigeria(CBN)’s directive that transfer risk of transactions from the banks to the customers.

The Human rights lawyer and Reps aspirant who is contesting on the platform of Young Progressives Party(YPP) said that it is irresponsible on the part of the CBN to shield and insulate the banks from taking responsibility for discharging their duties to customers.

The aspirant said the new directive from the CBN’s Director of Payment System Management Department, Musa Jimoh is in direct opposite of what is obtained in forward looking nations where banks take responsibility for the protections of customers.

According to Maduakolam, “How can you impose cashless policy in one breathe and encourage banks not to ensure that e-channels are safe.

“One would expect that banks should be encouraged to protect customers and where they can’t , insurance policy should cover such while the bank builds on technology to forestall future reoccurrence.. “

He noted that “Nigeria environment is becoming too exploitative and something drastic must be done about the ugly development especially by the persons charged with the responsibilities of formulating laws for the nation.

“It is really unfortunate that the lawmakers are sitting in the comfort of their offices while the people they are representing are being subjected to all manner of exploitative tendencies without anyone to speak for them.

“This is certainly not good at all for the nation’s democracy. Responsibilities of legislators should include prevention of harmful policies on the populace”, he asserted.

He noted that the new CBN directive has insulated the banks from any loss or risk associated with the transaction burden and risks, but placed it on the customers.

The banks in the new directive are also asked to charge indemnity on transfer above one million Naira(N1m) for individual and ten million Naira(N10m) on corporate bodies.

The new rule also pegged a higher limit on transfer above two hundred million Naira(N200m) for individual and two hundred and fifty million Naira(N250m) on corporate bodies.

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