.As Banks’ customers decry delay, tedious process of money reversal in failed transactions
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) holds its 302nd meeting on Monday, some stakeholders have urged loosening of the policy rates.
They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja.
NAN reports that the MPC had retained the baseline interest rate known as the Monetary Policy Rate (MPR) at 27.50 per cent for the third consecutive time in its 301st meeting in July.
This marked a departure from the aggressive tightening stance adopted by the committee under the leadership of Yemi Cardoso, the CBN Governor.
The Cardoso-led MPC had raised the MPR from 18.75 per cent to 27.50 per cent between February 2024 and July. 2025.
Some stakeholders are calling for a rate cut due to moderation in headline inflation for several consecutive months, a positive sign that prior monetary tightening measures are working.
A Development Economist, Prof. Ken Ife, said that there had been persistent calls and expectations for MPC to bring down the MPR.
Ife, Lead Consultant on Private Sector Development to the ECOWAS Commission, however, said that he was not persuaded that the time was right to ease the rates.
“It is true that the rebasing of inflation has pushed the real interest rate to positive territory, MPR being higher than inflation.
“The seeming moderation of year-on-year inflation is contradicted by month on month inflation. Notwithstanding the general moderation, the food sub-index is rising.
“The meltdown of Foriegn Direct Investments (FDIs) and the volatility of crude sales component means that we are dependent on foeign portfolio inflows, which is very sensitive to the MPR and yields on securities,” he said.
A Financial Expert, Prof. Uche Uwaleke, said that the MPC would likely retain existing rates due to prevailing falling inflation rate and exchange rate stability.
According to Uwaleke, the Director, Institute of Capital Market Studies, Nasarawa State University, Keffi, inflation rate has been on a downward trend, and the exchange rate has been quite stable for sometime now,.
He, however, said that inflation rate remained elevated at over 20 per cent.
“The recent drop in inflation rate has been due largely to seasonal factors associated with food inflation.
“Core inflation on a month-on-month basis actually increased in August according to the NBS report.
“Considering the downside risks to inflation, including the increasing FAAC allocations and approaching festive season often characterised by rising demand for goods and services, the MPC will likely maintain the status quo.”
He called for a narrowing of the asymmetric corridor around the MPR to further consolidate stability in the banking sector.
“I think the MPR corridor of -1/+5 basis points is too wide and therefore, recommends a narrower corridor of -2/+3 basis points.
“This discourages banks to place too much reliance on the CBN standing deposit window,” he said.
The Director-General of the Nigeria Employers Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, said that the decline in inflation was commendable.
Oyerinde, however, said that full benefits would remain muted unless the MPC strategically began to reduce the benchmark interest rate.
“Lower interest rates will not only stimulate enterprise competitiveness but also boost access to credit, investment and job creation, which are critical levers for inclusive growth,” he said.
He said that the current inflation trend presented a compelling case for the MPC to ease its tight stance.
However, Banks’ customers have decried the delay by some banks to reverse their monies in the event of a failed transaction.
Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday described the experience as ugly, exhaustive, tiring and capable of making one forfeit the money to the bank.
They appealed to banks to reduce the number of days it took to resolve customers complaints from seven working days to at most two days for better service delivery.
Mr Gbenga Akintoye, a customer of Guaranty Trust Bank (GTB), who narrated his ordeal, appealed to the bank to upgrade and unbundle their customers’ service points.
Akintoye urged banks to create at least four customers complaints desks to facilitate complaints resolution.
”Most times, when you go to the bank, the customers’ services queue is usually very long discouraging us from even lodging the complaint.
”Due to this long queue I have forfeited my money totalling like N10,000 to my bank.This is painful,” he said.
Mr Chukwuemeka Victor, a customer of Access Bank, said there was the need for banks to employ more hands to handle their customers’ services.
Victor alleged that the work was currently overwhelming staff of most banks.
”I did a transaction with my bank application and my account was debited but the receiver did not receive the money up till now.
”I quickly rushed to the bank to complain to them but I was surprised they told me it will take three working days to be resolved.
”The receiver was supposed to use the money to buy medication but the money is still pending,” he said.
Mrs Praise Adewumi, a customer of First Bank, said the process of countless visits to the banking hall to facilitate reversal from a failed transaction was frustrating.
Adewumi appealed to banks to find lasting solutions to addressing consumer complaints promptly.
”Most times, the bank will tell you that they need time to investigate and check where the money from a failed transaction entered.
”Yes, I agree with them but sometimes, is it that they never find out where the money went to because sometimes, you will wait endlessly for the money to be returned to your account but it never comes,” she said.
Mrs Olaedo Jones, a customer with Zenith Bank who reside in the United Kingdom (UK), appealed to banks to prioritise customers’ satisfaction as it was one of the basis for their existence.
”Sometimes, I receive debit alerts from.my bank for transactions that I didn’t initiate or authorise.
”Though the monies most times are small but if they debit such monies from like 1000 customers, we should be talking about millions of naira,” she said.
Tunde Adelabu, also a customer of Stanbic IBTC Bank, appealed to banks to strike a balance between telecommunication companies to determine who paid for airtime money debited from an account without crediting the number.
