examines why deposit money banks must improve their technology facilities to tackle the challenges of the Central Bank of Nigeria’s cashless policy
To compound matters, the fintech, which has served as a lifeline in recent weeks amid the crisis that has hit deposit money banks, has also been having hitches in its networks. While speaking with our correspondent, the father of two questioned why the Nigerian banks were set up to trap funds from failed transactions, noting that the ability to access one’s money when needed could be the difference between life and death.
It is perhaps pertinent to note that the process of recovering trapped funds from failed transactions is not a particularly new development. Long before the naira crisis, commercial banks had characteristically required customers to pass through a painful process of lodging complaints, which would take days, weeks and sometimes even months before reversing the trapped funds.
In a chat with our correspondent, a technology expert with Sterling Bank, who did not want to be named, blamed payment platforms for the difficulties associated with trapped funds from failed transactions. According to the source, all trapped funds are usually held by payment platforms until the bank initiates a request for a reversal at the behest of the affected customer.
This man should be in JAIL
God go punish your generation