An increase in failed payment transactions in February caused a 4.83 per cent decrease in the value of cashless transactions to N37.67tn from the N39.58tn that was recorded in January 2023.
This came as the usage of e-payment gateways recorded a 41.29 per cent month-on-month increase according to new data from Nigeria Inter-Bank Settlement System.
The NIBSS has not updated its efficiency platform portal, which states the number of failed transitions and more, since 2020, making it hard to report the number of failed transactions.
Some experts have also stated that a lot of failing transactions are a result of poor network infrastructure. The President of the Bank Customers Association of Nigeria, Dr Uju Ogunbunka, recently told The PUNCH, “You know the banks do not provide network services. Based on what we found out, there was a failure in the network system.”