Banks have finalized plans to expand and strengthen their information technology (IT). The move aims to respond to the increase in remittance volume caused by the cashless policy implemented by the Central Bank of Nigeria (CBN).
A senior official who requested anonymity said he was aware of the finalized plans to expand the capacity of its IT platform to accommodate the increased volume and frequency of remittances. rice field.
Most Deposit Money Banks (DMBs) have plans to resort to expansion, however, this measure has been abandoned. Existing internet facilities and infrastructure has become insufficient to handle the surge in demand for remittances.
He said although customers are allowed the leverage to transfer large sums of money, “up to N10 million,” the banks are becoming more circumspect and very strict in offering the service. Consequently, customers are required to be fingerprinted and photographed. They are also asked to provide their Bank Verification Numbers (BVN), among other measures before money transfers are authorised.
The official said that banks want to exercise their mandate of tracking every cash in transit, adding that the expanded scrutiny and the additional security measures being put in place have heavily tasked –
“our infrastructure, necessitating the need and urgency to expand and secure the current IT Infrastructure platforms that we have.
“Our other colleagues are doing the same thing because as you know, we’re in the same industry”, the source said.
Another source said he could not disclose how much has been invested so far to upgrade their e-payment platforms. However, banks have pumped a lot of money into their Information Communication Technology (ICT) platforms. This is in a bid to meet the surge in e-payment transactions.
A banker said-
“All the banks in Nigeria have been challenged by this policy which has exposed the inefficiencies and inadequacies of some of these technological advancements in the banks. So for banks being very serious institutionalise, it will only take a short time for them to get at it again.”
According to him, banks have been working round the clock to contain the situation as fast as possible. This is mostly because they do not want to be found wanting.
He said-
“They need to be respected because they deal with people’s finances, they need their reputation to be intact at all times. That’s why whatever it will take to correct any anomalies, the banks will do it as fast as possible, this is what is happening.
“Every bank is working round the clock to improve their capacity to take care of whatever problem that is on the ground so that they will continue to retain their integrity and respect from their customers,” the banker said.
cc: The Nations Ng
