How banks customers groaned over poor network, PoS transactions failure

Many Nigerian banks customers during the Sallah holidays experienced failure in Points on Sales (PoS) terminals transactions, due to poor network service that disrupted ease of payments.

A statistics by Nigeria Inter-Bank Settlement System (NIBSS) indicated that about 23per cent or 309,016 out of a total 1.3 million transactions carried out as of 4: pm on Friday, July 31st, failed.

The NIBSS figures showed that the failure rate increased further by 16.98 per cent, as 385,960 out of 2.27 million total transactions declined as of Saturday August 1st.

The breakdown indicated that issuer banks contributed the most recorded failed transactions, as 68,697 and 32,230 of the failed transactions were attributed to errors on their platforms.

This was closely followed by errors emanating from the customers, which accounted for 37,034 and 65,619 of failed payments respectively.

The statistics, also, revealed that 33,260 and 45,099 errors emanated from the acquirer banks and 19,728 and 74,000 errors, which originated from the processors also contributed significantly to the failed funds transfer and payments carried out by retailers and merchants.

The development indicates that some of the failed transactions stemmed from the network disruptions and technology glitches. It is also an indication that the transactions declined during peak transaction periods and festive seasons.