Failed transactions worsen, e-payment falls to N37.67trn as naira scarcity

As Nigerians had to grapple with failed and delayed cash transfers, cashless transactions has fallen to N37.67trillion in February 2023.Information Guide Nigeria

BUSINESS HALLMARK reports that this was a 4.83 per cent fall from the N39.58trillion that was recorded in January.

This was revealed in a new data from the Nigeria Inter-Bank Settlement System on Monday.

The data revealed that e-payment gateways were used 901.46 million times, a 41.29 per cent increase from the 638 million times they were used in January, BUSINESS HALLMARK reports.

The fall of total value of cashless transactions in February, indicates an increase in the number of failed transactions, despite an increase in usage.

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According to BUSINESS HALLMARK, the NIBSS has not updated its efficiency platform portal, which states the number of failed transitions and more, since 2020.NYSC Portal

NIBSS records cashless transactions from the Nigeria Instant Payment System and Point of Sales terminals. The total NIP (instant payments) fell to N36.79tn in February from N38.772tn in January.

NIBB data showed continued patronage of PoS terminals as the value of PoS transactions grew from N807.16bn in January to N883.45bn in February.

Nigerians have had to adopt electronic forms of transactions, since the Central Bank of Nigeria (CBN) announced its naira redesign policy and withdrawal limits, in 2022.

CBN said: “The maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations shall be N500,000 and N5m respectively.

“Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”

However, some bankers have suggested that some of these failures have been because the NIBSS didn’t increase its capacity for the increase in the volume of transactions.

According to BUSINESS HALLMARK, some experts have also stated that a lot of failing transactions are a result of poor network infrastructure.JAMB Result

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