The House of Representatives has passed a bill aimed at protecting victims of fraudulent bank withdrawals, moving it to its second reading. The bill, sponsored by Hon. Moses Oluwatoyin Fayinka, proposes changes to the Banks and Other Financial Institutions Act (BOFIA), 2020. It focuses on preventing unauthorized transactions where money is withdrawn from a customer’s account without their permission.
Hon. Fayinka pointed out the growing problem of bank fraud, with over 150,000 cases reported in 2022 and 2023, resulting in huge financial losses for customers.
He said the bill would hold banks accountable for safeguarding customer funds and ensuring transactions are monitored. If fraudulent withdrawals occur, the banks would be required to report the issue to the police and the receiving bank, help track down the criminals, and refund the victims without any charges.
