House Of Reps Hopeful Opposes New CBN Directive On Risk Burden

By Princess Anukwu
House Of Reps Hopeful Opposes New CBN Directive On Risk Burden

The House of Representatives hopeful for Ihiala federal constituency in Anambra State, Barr Johnmary Akachukwu Maduakolam has opposed the new Central Bank of Nigeria(CBN)'s directive that transfer risk of transaction from the banks to customers.

The Anambra State based human rights lawyer and House of Reps aspirant on the platform of Young Progressives Party(YPP) said that it is irresponsible on the part of CBN to shield banks from taking responsibility for discharging their duties to customers.

Barr Maduakolam said that the new directive signed by CBN' Director of Payment System Management Department, Musa Jimoh is in direct opposite of what is obtained in forward looking climes where banks takes responsibility for the protections of their customers.

"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." The House of Reps hopeful insisted.

He noted that Nigeria environment is becoming too exploitative and that 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.

In the new directive, the CBN has insulated the banks from any loss or risk associated with the transaction burden and risks 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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