GISTMORE.COM

Bank customers experienced 278,966 failed electronic payment transactions on the Nigeria Interbank Settlement System Instant Pay platform on Tuesday.

The NIP, an online real-time product that facilitates instant payment of bills on accounts, as of 5.40pm on Tuesday, recorded a total volume of 5.43 million transactions, according to live updates provided by the NIBSS.


Analysis of the live electronic payment data indicated that a failure rate of 5.15 per cent was recorded on the platform.

The NIP has been adjudged as the most preferred platform for electronic payment having grossed more transactions in monetary terms than the National Electronic Funds Transfer, Point of Sales and e-Bills Payment over the years.


The statistics also showed that PoS transactions carried out by retailers in the country also had a high failure rate of 11.41 per cent as of 5.40pm on the same day, out of a total transaction volume of 569,838.

The live updates showed that the volume of failed transactions on PoS stood at 65,064 at the same time.


On Tuesday, being the first day of the Eid-El-Kabir celebration, the NIP recorded the highest volume of transactions at 105,849 by 12.20pm, while electronic payment on PoS peaked at 10.10am, recording a volume of 10,721.

Data on the e-payment platform efficiency showed the destination banks for electronic payment contributed the most to failed NIP transactions between July 20 and August 10, 2018.

For the 21 days under review, the data indicated that the NIBSS platform had not in any way contributed to the failed NIP transactions, while the contribution of the customers to declined transactions had remained stable at 0.1 per cent.

Stakeholders in the industry have attributed the high rate of failed transactions on PoS to poor network and payment systems that use multiple SIM cards, while WiFi, or Local Area Network have been developed to address this.

Commenting on the factors responsible for the failed transactions, the Head, Corporate Communications, NIBSS, Lilian Phido, recently said that unsuccessful transactions could be traced to network issues in the banks, insufficient funds in the customers’ accounts or problems on the NIBSS platform.

She stated, “There are many parties associated with a typical transaction. The bank, customers and the NIBSS are involved. If the customer doesn’t have money in his or her account, or the account is lean, the transaction will fail.

“If the bank is having network issues, the transaction will fail at that moment. If the NIBSS platform is down, then the platform will not work in all the banks, not just one bank. This is very rare because it means the platform will not work in any of the banks.”



https://www.google.com/amp/s/punchng.com/sallah-banks-recorded-278966-failed-instant-pay-transactions/amp/

No wonder my 30k was among...foolish people they left me broke since Monday

That is MASSIVE!

We wonder how many relationships will be on the brink of collapse since yesterday with ALL these failed transactions!!

Naija babes, biko, make una understand with una bobos as una don see dis news now o!
No be dem fault, Biko!!

Exwizard:
No wonder my 30k was among...foolish people they left me broke since Monday

So sad. Sorry!
We know that feeling!
Person go just dull for house!
No vex man!

And GTB just instantly deducted my 50k that it was a blocked transaction... Gimme back and they are busy giving me that 24hrs waiting nonsenseeeee.... What happened that there was a blocked transaction?.. They kuku no fit talk

UBA debited my account too oh! I jus dey laff them because e don tey wey I cause wahala... Make I reach the bank fess, una go see my action video for NL.

Full movie

Data Analyst u guys got a lot of work on Thursday

They should always prepare before every festive season, bud sadly they don't.

Nigerian factor.

To withdraw your money wen u need to enjoy nah problem for this country. Chai

But there was system/connection downtime on NIBSS platform on Tuesday at about 5.30pm na .

Them wan Dey blame banks??

hmmm

Even the money I'm supposed to use to buy goods on Thursday, is it not better to save your money in a hole in your room than leave them in banks at least the funds will be accessible anytime

what a whooping figure

Ok

First bank has agents across the country, visit a first monie agent in your neighborhood for your transactions. To become a first bank monie agent, visit the nearest first bank branch to you for on boarding.



Meanwhile, esteemed first bank customers, y'all can now perform wonderful transactions on the first mobile app, please click the link on my signature for more details on how to register, thanks .

Exwizard:
No wonder my 30k was among...foolish people they left me broke since Monday

.

Me sef follow join o!
My 60k plus deh hang between Slot and GTB....money wey I wan take buy phone.
I've been told to wait for 5~8 working days to get my money.

skarlett:
Even the money I'm supposed to use to buy goods on Thursday, is it not better to save your money in a hole in your room than leave them in banks at least the funds will be accessible anytime

Great idea, until armed robbers pay you a visit. Or some bad family member discovers that hole.

dingbang:
First bank has agents across the country, visit a first monie agent in your neighborhood for your transactions. To become a first bank monie agent, visit the nearest first bank branch to you for on boarding.



Meanwhile, esteemed first bank customers, y'all can now perform wonderful transactions on the first mobile app, please click the link on my signature for more details on how to register, thanks .

I use First Bank mobile and it's crap. I've not been able +o send money since Monday. If not for GTB, I for see shege

First Bank sucks for instant payment

Fidelity Bank, oya!!!. my 10k

really serious

kullozone:
UBA debited my account too oh! I jus dey laff them because e don tey wey I cause wahala... Make I reach the bank fess, una go see my action video for NL.

Full movie

Let me know if you need back up for the wahala. Nothing dey ever work well for naija.

Another factor responsible is NEPA ! Power failure

My all salary has trapped in this nonsense shit, couldn't enjoy my sallah, no meat .

The topic should be talking about Tuesday and not Monday. I am a POS merchant and I know what am saying.

My 10k dey GTB since Monday evening and I planned to use it for Salah.These Banks are getting worse by the day.

grandstar:


I use First Bank mobile and it's crap. I've not been able +o send money since Monday. If not for GTB, I for see shege

First Bank sucks for instant payment

Femeto:
My 10k dey GTB since Monday evening and I planned to use it for Salah.These Banks are getting worse by the day.

First bank has agents across the country, visit a first monie agent in your neighborhood for your transactions. To become a first bank monie agent, visit the nearest first bank branch to you for on boarding or if you're anywhere in Ibadan, you can call this number (07033646668) or visit First Bank molete branch.

FirstMonie.,… Closer and Simple

post=70495926:
That is MASSIVE!

We wonder how many relationships will be on the brink of collapse since yesterday with ALL these failed transactions!!

Naija babes, biko, make una understand with una bobos as una don see dis news now o!
No be dem fault, Biko!!

. lol