₦airaland Forum

Teewhy2:
You need to be extra careful when making internet transaction, I have sent money to someone who after 20 mins didn't see a credit alert and also I didn't see a debit transaction on my account then I decided to do it again and same thing till the third time when I received triple debit alert after like one hour taking my account to debit, I was thinking if you don't have enough money in the account the transaction should be unsuccessful but NO it went to take me to (-)

Same issue of (-44445) happens to me a week ago.

Nigerian rent seeking arrangements are all about vested interests. It is owned by banks and certain powerful individuals who continue to collect a fee on most transactions occuring in the entire country.

They won't want innovation to shine its light on their incompetence, greed and obsolete practices.

Little wonder no development in ANY sector. Vested interests.

If one is smart, he will know what type of transaction he would allocate each bank for.

[quote author= post=81640709]Conclusion of the whole matter.
We will get there someday soon.[/quote]You're very silly
Someone came to table a complain to authorities .
You are here dishing hope.

He should not try this or else fraud cases will skyrocket, bringing people from his former criminally inclined workplace - Diamond Bank eChannels. Will create a disaster in the system.

Joee2932:
Mr Premier the new MD in NIBSS sack 31 staff. One commit suicide. He wants to bring in his own people into the system.

Na wa o. Mods why did this topic disappear ?

Joee2932:
https://www.nairaland.com/5379802/nibss-sack-31-staff-one#81593600

wagazala:
It is not all doom and gloom. This pessimistic view is not good for the industry. The OP failed to report the many successful daily transactions.

We are not there yet but surely on the way. Lets encourage ourselves please.

I agree with you on this. I have had some failed transactions but this happens everywhere.

Nigerians need to travel to other African countries to see how far we have gone. I was in Ivory Coast a year ago and they don't have instant payment. It takes a minimum of 2 days or so. I met a Nigerian there and we struck a deal. She gave me her diamond bank account number. I transferred some money and she gave me the equivalent currency at a good rate. The ivorien was shocked at the spread of the whole thing. We were done in 30 mins.

I also spoke with a friend who works in a renowned consulting firm. He says some western countries have visited Nigeria to better understand how we achieved NUBAN. We have really come a long way. We can abuse the previous government all we like but we don't realize how liberal and enabling the environment was.

Sometimes, I wonder what NUBAN would have been like if it was attempted now. Hopefully better.

Joee2932:
Mr Premier the new MD in NIBSS sack 31 staff. One commit suicide. He wants to bring in his own people into the system.

How true is this?

Mydazz:
I made payment through POS on May 12, it read transaction failed and I was immediately debited, had to make another payment to again. I waited for a week to get a reversal, all to no avail. Went to the bank to fill form and all, to cut the story short, I didn't get a reversal till July ending.
It is really frustrating, for banks to acknowledge that the transaction failed and not reverse it immediately.

This is now the order of the day for POS users.

tiwiex:
I agree with you on this. I have had some failed transactions but this happens everywhere.

Nigerians need to travel to other African countries to see how far we have gone. I was in Ivory Coast a year ago and they don't have instant payment. It takes a minimum of 2 days or so. I met a Nigerian there and we struck a deal. She gave me her diamond bank account number. I transferred some money and she gave me the equivalent currency at a good rate. The ivorien was shocked at the spread of the whole thing. We were done in 30 mins.

I also spoke with a friend who works in a renowned consulting firm. He says some western countries have visited Nigeria to better understand how we achieved NUBAN. We have really come a long way. We can abuse the previous government all we like but we don't realize how liberal and enabling the environment was.

Sometimes, I wonder what NUBAN would have been like if it was attempted now. Hopefully better.

Thanks so much for this, except for 1 or 2 glitches which were resolved out of over 500 transactions, have not experienced any problems with NIBSS. This looks like a paid write up to discredit the system and possibly bring another though the back door.

Wao! Who was that suicide victim? I've always seen that place as a retirement home for many bankers and a government ministry. Now they all seat up to do their jobs

Joee2932:
Mr Premier the new MD in NIBSS sack 31 staff. One commit suicide. He wants to bring in his own people into the system.

My money is still tapped when l make transaction with UBA card since two months ago. They acknowledged the transaction but they have not paid me back since the transaction failed.

tiwiex:
I agree with you on this. I have had some failed transactions but this happens everywhere.

Nigerians need to travel to other African countries to see how far we have gone. I was in Ivory Coast a year ago and they don't have instant payment. It takes a minimum of 2 days or so. I met a Nigerian there and we struck a deal. She gave me her diamond bank account number. I transferred some money and she gave me the equivalent currency at a good rate. The ivorien was shocked at the spread of the whole thing. We were done in 30 mins.

I also spoke with a friend who works in a renowned consulting firm. He says some western countries have visited Nigeria to better understand how we achieved NUBAN. We have really come a long way. We can abuse the previous government all we like but we don't realize how liberal and enabling the environment was.

Sometimes, I wonder what NUBAN would have been like if it was attempted now. Hopefully better.

It is the quality of the economic team and an integrated economic frame work headed by the coordinating minister for the economy.

We don't have such people in the system again.
what we have now are politicians and tinubu jobbers.

And the economic growth and level of private sector innovation has drastically dropped.

Too bad.

The casheless policy is a joke,we are not ready, how can you use a POS for payment and it hangs for three days ,and you decide to fall back to bank transfer same thing. Its just frustrating ,when the seller only uses goodwill to give you their products, "you don see alert?" Is now like a national anthem when you have to keep checking in to know if the money has entered .


The new one now is banks refusing to reverse failed transactions, they are cleverly defrauding customers who get worn out by procedures and leave the money with them. Unfortunately bodies responsible for protecting customers are turning a blind eye to the dubious nature of these banks

Ekakamba:
Nothing as good as a good summary.

That's my gee...

Summary is bae...

No time to chk time...

wagazala:
It is not all doom and gloom. This pessimistic view is not good for the industry. The OP failed to report the many successful daily transactions.

We are not there yet but surely on the way. Lets encourage ourselves please.

Thank you. The failure rate on Instant transfer to other bank is less than 2%, moreover, for a transaction to be successful the platform of the involved banks must be functional and the internet connectivity/service providers (in case of USSD) of the customer must also be reliable. For Every secured site, there is always enforcement of timeout limit, most financial timeout limit, is mostly in seconds. So even, when the bank platforms and service providers/internet connection are okay, the transaction may failed due to the timeout limit. Most timeout issues are related to the connection (internet / telecoms service) and platform (web browsers, app versions and phone/laptops) used by the customer.

Many people do not have updated bank apps or web browsers on their phones and personal computer systems (PCs) respectively. Also, some have low end phones and PCs, such that the device processing time takes longer than usual, very slow in completing basic terms. It is mischievous for the writer to attribute the failed rate of interbank transfer to only NIBSS, without recourse to other factors. Moreover, the writer does not justify his/her conclusions based on verifiable data/statistics. This will have allow us to determine the rate of failure on interbank transactions as we have millions of transactions per day done through NIBSS. Knowing the failure percentage rate will enable the reader to agree or disagree with the writer, is the rate significant or not, considering that no system is perfect without glitches.

***modified***
I just noticed the writer's name.

OEPHIUS:
By Christian Mmadubuogu

How do you trust a person that leads you out of the desert but ends up dropping you in the middle of the sea? How do you trust a system that promised an ‘easy peasy’ banking experience but ends up fagging you out with incessant technical hitches and excuses? How do you trust a government’s idiosyncrasy of the ‘change’ homily while it continues to maintain the status quo of ‘business as usual’ How do you reconcile the regulatory deficiencies that leave the citizenry confused and doubtful?

A thousand ‘hows and whys’ yet no answer or even an attempt at amelioration. The level of public confidence in banks operating in Nigeria is fast dissipating and not such that can guarantee effective customer patronage of inter-bank payments.

According to media reports, Point of Sale (PoS) transaction failure hit an all-time high in March, with a leading commercial bank recording about 30,000 failure in one day on its platform. Though transactions via the PoS had not heretofore been great, it further deteriorated from October last year.

The general belief is that banks are failing Nigerians. Ask an average Nigerian what he thinks, and he would tell you that the internet services banks promised to make for a happy and less stressful experience, is now the bane that he contends with.

The truth that the people have yet to grasp is that the failings of the electronic transfer system is out of the hands of the banks. The main culprit is the Nigeria Interbank Settlement System (NIBSS).

When all Licenced banks through the Central Bank of Nigeria decided that it was pertinent to provide a single settlement window, they set up NIBSS in 1993 but it was not until 1994 that it kicked off. Life was easy and people were happy until same apex bank decided yet again that NIBSS deserved to be overloaded. NIBSS in 2011 accepted the burden of biting off more than it can chew by adding electronic fund transfers to the settlement system they already handle and called it NIBSS Instant Payments (NIP).

NIBSS may be a phenomenon — the preferred option – in the aspect of the settlement, a darling of the financial sector on properness and timeliness of checks and balances, but NIP is a total flop and among the growing number of the service’s 28.5 million customers (Jan-June 2018), backlash is brewing. The system has repeatedly fallen and is still falling short of expectations, and annoyingly, they make excuses every time. When people decried the interminable error messages which were responses to failed transactions during the June Salah holiday, NIBSS blamed their incompetence on technical difficulties.

When the Federal Competition and Consumer Protection Bill was finally passed into law to consolidate the 2014 Act, hope rose for Nigerians. Consumers were excited to have a government that stands behind them and the business savvy lot were encouraged to succeed even in the saturated market space. Amongst others, the Act proscribes unfair business practices or abuse of dominant market position by any company, as well as any agreement to restrain competition, and to put a check on the aforementioned, a commission was set up. The Act mandates the Federal Competition and Consumer Prohibition Commission (FCCPC) to administer the regulation. But for the government to now play conflicting roles of both a player (NIBSS/NIP) and a regulator (CBN), it shows that there is not only market failure but also government failure.



The question is ‘who regulates the regulator?’ FCCPC – regulator – CBN (pioneers of NIBSS) – regulator – This is a case of an intervener’s shortcomings more or less approximating or exceeding the market imperfection.

Ideally, one of the chief roles of government, particularly government embedded in a highly commercial culture, is to serve as a dispassionate go-between for settling contingencies about veridical claims in the marketplace. But government today has so many stakes in the outcome of so much enterprise that they do not care about the murmurs of the end-users.

NIBSS has been and is still proving themselves incapable of handling the instant payment system. The woman who rushes to the mall to buy food for her home and unable to pay with the PoS; the student who takes a bike to an ATM and unable to pay the motorcyclist from inability to make withdrawals, the company whose employees start to lose faith in because they failed to pay salaries as a result of malfunctioning e-payment channels and a host of other end users are fed up with the system. It is either they stop with the whole attempt now and face that which they are good at – settlement – or God help Nigerians who may have been led out of the desert only to be dropped off in the middle of the sea. The heart-breaking part would be if they cannot swim

https://thepunditng.com/nibss-stop-or-you-drown-us-all/

By the way; did we invented the system or we copying?
Are we copying rightly?
Do saboteurs existing in the system?
Just thinking aloud.

Joee2932:
Mr Premier the new MD in NIBSS sack 31 staff. One commit suicide. He wants to bring in his own people into the system.

That use to be my landlord... he is a very very nice man... down to earth...

There was a day he called and ask to refund a fraction payment of the tenants money.. and said due to economic hardship.

You wont even know he is the landlord... i once challange him in the house thinking he was a stranger sent to the fix the fire extinguisher. Lol.

I remember i dont even know him a year after i moved into his house. We just talk via phone. Then lol

Most policies in Nigeria are jokes

The truth is that the so called internet banking in Nigeria is total Nonsense. It is frustrating and fraudulent too.

Contact us for all your roofing jobs and roof maintenance services etc

Mydazz:
I made payment through POS on May 12, it read transaction failed and I was immediately debited, had to make another payment to again. I waited for a week to get a reversal, all to no avail. Went to the bank to fill form and all, to cut the story short, I didn't get a reversal till July ending.
It is really frustrating, for banks to acknowledge that the transaction failed and not reverse it immediately.

then imagine if that debited money was your last money in a stranded situation

OEPHIUS:
By Christian Mmadubuogu

How do you trust a person that leads you out of the desert but ends up dropping you in the middle of the sea? How do you trust a system that promised an ‘easy peasy’ banking experience but ends up fagging you out with incessant technical hitches and excuses? How do you trust a government’s idiosyncrasy of the ‘change’ homily while it continues to maintain the status quo of ‘business as usual’ How do you reconcile the regulatory deficiencies that leave the citizenry confused and doubtful?

A thousand ‘hows and whys’ yet no answer or even an attempt at amelioration. The level of public confidence in banks operating in Nigeria is fast dissipating and not such that can guarantee effective customer patronage of inter-bank payments.

According to media reports, Point of Sale (PoS) transaction failure hit an all-time high in March, with a leading commercial bank recording about 30,000 failure in one day on its platform. Though transactions via the PoS had not heretofore been great, it further deteriorated from October last year.

The general belief is that banks are failing Nigerians. Ask an average Nigerian what he thinks, and he would tell you that the internet services banks promised to make for a happy and less stressful experience, is now the bane that he contends with.

The truth that the people have yet to grasp is that the failings of the electronic transfer system is out of the hands of the banks. The main culprit is the Nigeria Interbank Settlement System (NIBSS).

When all Licenced banks through the Central Bank of Nigeria decided that it was pertinent to provide a single settlement window, they set up NIBSS in 1993 but it was not until 1994 that it kicked off. Life was easy and people were happy until same apex bank decided yet again that NIBSS deserved to be overloaded. NIBSS in 2011 accepted the burden of biting off more than it can chew by adding electronic fund transfers to the settlement system they already handle and called it NIBSS Instant Payments (NIP).

NIBSS may be a phenomenon — the preferred option – in the aspect of the settlement, a darling of the financial sector on properness and timeliness of checks and balances, but NIP is a total flop and among the growing number of the service’s 28.5 million customers (Jan-June 2018), backlash is brewing. The system has repeatedly fallen and is still falling short of expectations, and annoyingly, they make excuses every time. When people decried the interminable error messages which were responses to failed transactions during the June Salah holiday, NIBSS blamed their incompetence on technical difficulties.

When the Federal Competition and Consumer Protection Bill was finally passed into law to consolidate the 2014 Act, hope rose for Nigerians. Consumers were excited to have a government that stands behind them and the business savvy lot were encouraged to succeed even in the saturated market space. Amongst others, the Act proscribes unfair business practices or abuse of dominant market position by any company, as well as any agreement to restrain competition, and to put a check on the aforementioned, a commission was set up. The Act mandates the Federal Competition and Consumer Prohibition Commission (FCCPC) to administer the regulation. But for the government to now play conflicting roles of both a player (NIBSS/NIP) and a regulator (CBN), it shows that there is not only market failure but also government failure.



The question is ‘who regulates the regulator?’ FCCPC – regulator – CBN (pioneers of NIBSS) – regulator – This is a case of an intervener’s shortcomings more or less approximating or exceeding the market imperfection.

Ideally, one of the chief roles of government, particularly government embedded in a highly commercial culture, is to serve as a dispassionate go-between for settling contingencies about veridical claims in the marketplace. But government today has so many stakes in the outcome of so much enterprise that they do not care about the murmurs of the end-users.

NIBSS has been and is still proving themselves incapable of handling the instant payment system. The woman who rushes to the mall to buy food for her home and unable to pay with the PoS; the student who takes a bike to an ATM and unable to pay the motorcyclist from inability to make withdrawals, the company whose employees start to lose faith in because they failed to pay salaries as a result of malfunctioning e-payment channels and a host of other end users are fed up with the system. It is either they stop with the whole attempt now and face that which they are good at – settlement – or God help Nigerians who may have been led out of the desert only to be dropped off in the middle of the sea. The heart-breaking part would be if they cannot swim

https://thepunditng.com/nibss-stop-or-you-drown-us-all/

I believe this report is either sponsored or written by a wanna be payment company struggling to take a bite of the pie....Tell me a financial institution that doesn't have technical issues(in the world)..You have to give it to NIBSS for providing an instant payment platform..Which is not currently enjoyed in most part of the world today(Including USA)

gud day, pls i seriously need a job, i am a graduate of accounting (hnd) 07037799108

When some people write, you wonder if they have conscience..so many lies and propaganda on The internet ..

The article is not coordinated and lacks merit.
The writer got the role of NIBSS and NIP mixed up.It was like he was being dictated to.The writer has no zero knowledge on his submission. He commended the settlement service but blamed NIP .

NIP is an encrypted message sent to parties.NIBSS is not involved in movement of cash but rather settlements and this depends on the daily settlement limits of bank, it is possible for banks customers to get transaction error if the settlement deposit is depleted...

NIP,NAPS,NEFT,EBILLS and BVN are some of the best things that have happened to the industry. Some so called developed countries cant do transfers via phone, wch is ussd w h rides on NIP.

Ekakamba:
Nothing as good as a good summary.

You are probably old school, when summary/ precis writing was an integral part of the English language syllabus. In this ICT age who has time to give you a whole page or two to read and summarise in 50 words. The anti- reading culture and mental laziness was even taken to ridiculous level by taking history off the syllabus. History is too voluminous, some mumus in the education ministry had concluded. Imagine a whole generation of nigerians now dont even know a thing about their country's past! No wonder many want to check out even if to face certain death in Sahara desert, slavery in libya or become toilet cleaners for life in Europe or north America or robbers, kidnappers/ criminals even in nearby poorer Ghana.Chai!

wagazala:
It is not all doom and gloom. This pessimistic view is not good for the industry. The OP failed to report the many successful daily transactions.

We are not there yet but surely on the way. Lets encourage ourselves please.

Stop defending what is not defendable since 1993 yet we are not there!

I lose hundreds of thousands every year to transfer failures. Just pathetic. Our solutions in Nigeria are cerebral but few are willing to apply mental resources to make things better. All our thinking is reserved for criminal activity.

I always tell people, if you want to make an urgent and crucial payment, never you do transfer or use POS unless the transfer is to the same bank. A lot of people has been frustrated because of payment errors. Don't even try to pay ur hospital bill through transfer or POS because chances are that you will be detained there if the payment didn't go through. The worst is that when you apply for reversal in banks, it will take weeks to reverse. Secondly, 75% of weekend and public holiday transfers to other bank don't go through NIP (Does not go instantly) Rather the receiver gets credit after 24 working hours been Monday. Meaning if you buy goods on Saturday and pay through transfer, the person might get the money on Monday thereby breaching trust amongst traders. They should really look into solving this NIPSS issue once and for all.

mu2sa2:
You are probably old school, when summary/ precis writing was an integral part of the English language syllabus. In this ICT age who has time to give you a whole page or two to read and summarise in 50 words. The anti- reading culture and mental laziness was even taken to ridiculous level by taking history off the syllabus. History is too voluminous, some mumus in the education ministry had concluded. Imagine a whole generation of nigerians now dont even know a thing about their country's past! No wonder many want to check out even if to face certain death in Sahara desert, slavery in libya or become toilet cleaners for life in Europe or north America or robbers, kidnappers/ criminals even in nearby poorer Ghana.Chai!

There is nothing wrong being old school; just be successful kawai. So you believed 'em when they told you History was removed as a subject because it was too voluminous?
Many who checked outta this country illegally and commit all such of evil you mentioned above are the most laziest set of people on Earth.

Las las, how do your essay corelate with my phrase?

90% of my transactions go through. No story. The only failed transaction I had in recent times was paying EKEDP electronically through some strange looking POS. The other day i was at lg and I had a transaction over 1m. I was scared it would fail and story would start, but it went through. Not sure where this guys story is coining from. Best thing about NIP transactions - there is a paper trail. You can actually confirm how much you have paid artisans in one month , year etc.

If you are not into dodgy cash transactions, I do not understand what the issue with electronic payments will be.