NIBSS Downtime Disrupts Electronic Transactions Across Nigeria
The Nigeria Inter-Bank Settlement System (NIBSS) is currently experiencing significant downtime, causing widespread delays in electronic transactions. This disruption has impacted various financial technology firms and banks, leaving many customers frustrated and unable to complete routine transactions.
Financial technology firms (fintechs) like Eversend and Kuda Bank have alerted their customers about the ongoing issues.
Eversend informed its users that delays in naira transactions are expected to persist, affecting top-ups and payouts within the app. Similarly, Kuda Bank notified its customers that intermittent issues with NIBSS are causing delays in money transfers.
Transfers to and from Kuda accounts, as well as transfers between Kuda and PalmPay accounts, are reportedly unaffected.
“We’ll keep you updated on our status page – status.kuda.com,” Kuda said in a notice to its customers.
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The NIBSS instant payment platform is a real-time electronic funds transfer (EFT) system that enables financial institutions to offer immediate online funds transfer services.
The current downtime is hampering the ability of these institutions to provide such services, causing significant inconvenience to customers.One customer of Guaranteed Trust Bank (GTB) reported that a transfer made at 2 PM had not been received by the recipient hours later.
Another customer from United Bank for Africa (UBA) echoed similar difficulties with transferring funds.
TechDigest understands that the downtime has particularly affected transactions such as the payment of electricity bills, adding to the daily challenges faced by customers.
As NIBSS works to resolve the issues, financial institutions continue to monitor the situation and keep their customers informed.
The exact cause of the downtime and the estimated time for resolution have not been disclosed.In the meantime, customers are advised to use alternative means of transactions where possible and remain patient as efforts to restore the NIBSS platform continue.
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