Banks’ Instant Pay Transactions Hit 2.5 Million on Val’s Day

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Published February 15, 2019

CBN-2

CBN headquarters, Abuja

Ife Ogunfuwa

Bank customers carried out about 2 .5 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on Valentine ’ s Day , live updates provided by the NIBSS have shown .

As shopping for gift items and visit to entertainment spots in the country to celebrate the day increased , online payment of bills via NIP hit exactly 2 ,500 , 177 transactions as of 7 .20 pm on Thursday .

Analyses of the live electronic payment data indicated that a low failure rate of 0 . 62 per cent was recorded on the platform , with customers experiencing a total of 15 , 588 failed transactions .

The data showed that funds transfer formed the bulk of the volume of the NIP transactions .

NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms than PoS and e – Bills Payment over the years .

The statistics also showed that Point of Sales transactions carried out by merchants and retailers in the country were 878 , 336 as of 7 .20 pm on the same day.

The data indicated that transactions on PoS had a high failure rate of 13 .85 per cent as the volume of failed transactions on the terminals stood at 121 , 635 at the same time.

NIP recorded the highest volume of transactions – 38 ,211 – at 4 .30 pm, while electronic payment on PoS peaked also at 4 .30 pm, recording a volume of 16 , 715 .

Data on the e- payment platform efficiency showed the destination bank for electronic payment contributed the most to failed NIP transactions between January 18 to February 8 , 2019 .

Within the 21 days under review , the data indicated that the NIBSS platform had not in any way contributed to the failed NIP transactions while the contribution of the customer to failed transactions was minimal .

Stakeholders in the industry have attributed the high rate of failed transactions on PoS to poor network and payment systems that use multiple SIM cards , WiFi, or Local Area Network have been developed to address this .

The Central Bank of Nigerian recently imposed a fine of N10 , 000 on any failed Nigerian Instant Payment transaction not reversed into the customer’s account within 24 hours , based on the complaint of the sender and / or beneficiary .

The apex bank also stated that the delayed application of inward NIP into beneficiaries ’ accounts beyond four minutes would attract a penalty fee of N10 , 000 per item.

The CBN stated , “The sanctions above and any other prescribed in the Nigeria Bankers ’ Clearing System rules or any amendment thereto , shall apply. ”

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