(L-R) Mr. Thabo Mabe, MD/CEO Unilever Nigeria Plc, discussing with Mr. Sudarshan Kasturi, ED, at the company's 86th annual general meeting in Lagos.

THE Central Bank of Nigeria (CBN) may sanction some banks that have been giving epileptic services to their customers due to poor IT infrastructure. In the last three months, the frequency of collapse experienced by the telecommunication infrastructure of most banks has been a source of worry to many customers who have been disappointed by their banks on several occasions.
BusinessWorld Intelligence can reveal that the apex bank has started to investigate reports of recurrent incidences of network failures in banks and would soon come up with adequate punishment against those that refuse to upgrade their network.
Sources close to the CBN told BusinessWorld that the apex bank governor, Mallam Lamido Sanusi is worried that the frequent collapse of bank networks is not helping the on-going reform in the banking sector.Investigations reveal that many banks operating in the country are grappling with poor IT infrastructure.
It was gathered that some of the big banks’ network virtually collapsed when there was upsurge in the number of customers that moved their money from the rescued banks. For instance, a new generation bank's customers for many weeks have been facing serious problems paying in or withdrawing from their accounts, a situation that has affected the businesses of the bank’s teeming customers.
The frequent technology platform failures in banks are seriously affecting the economy, as many business activities are paralyzed whenever such failures occur in any bank.According to a CBN source who pleaded anonymity, the apex bank is considering setting a minimum standard on the quality of network in banks which would be based on the category of licence, adding that Sanusi has vowed to deliver a banking sector that would ensure that the services enjoyed by bank customers  in the country is comparable to what is obtainable internationally.
More worrisome to industry watchers is the economic implications of this regular network collapse. Many customers of banks have lost businesses worth billions of naira to this ugly trend.The frequent collapse of bank networks may also be a great hindrance to the efforts of the CBN to make the economy cashless as well as  defeating the purpose of safeguarding depositors’ funds in the banks.
BusinesWorld was told by some bank customers that banks no longer give alert when money is put or withdrawn from their accounts as promptly as was needed by the customers who are bearing the costs. It was gathered that even when the alert comes, it is most of the time very late.