After the naira crunch, there has been an influx in the usage of online bank transactions and because of that; there have been a couple of failed transactions.
The Guardian Newspaper reported that 40% of Bank Transaction Go Unresolved, the Federal Government’s policy on naira redesign has caused the volumes and values of electronic payment transactions, which fell to N37.6 trillion in February, to rise to N49.4 trillion by March, despite numerous complaints of unresolved failed electronic transactions that lagged the payment sub-sector in the first quarter of 2023.
Sources in the sector reported that just 60% of the ePayment transaction failures that happened earlier in the year had been handled, leaving 40% of complaints outstanding, despite the Nigeria Inter-Bank Settlement System (NIBSS) remaining silent regarding unresolved transactions.
Recent statistics from the NIBSS revealed that ePayments had increased by over 23% in just one month, which was due to an increase in the total value of e-payment transactions last month as well.
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#yourviewtvc | April 18th, 2023
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