NIBSS server down as Nigerian customers' lament

2024-02-10 20:01:59

Nairametrics

Nigeria Inter-Bank Settlement System (NIBSS) experienced downtime, leaving bank customers lamenting over transfer errors and failed transactions.

Numerous screenshots purportedly from banks circulated, indicating that the NIBSS, serving as the settlement partner for all banks, is encountering challenges in completing transfers- "NIBSS the settlement partner for all banks is having issues completing transfers at the moment"

Despite the reported network issues, banks have assured customers that the NIBSS is actively working to resolve the problem. Amid the disruption, various customers took to social media, expressing their concerns.

"NIBSS is down. This is the more reason we need to start adopting decentralized infrastructures. So many people are stranded wherever they are. https://twitter.com/Sinclairlegal/status/1756384887278588409

At the time of this report, the Nigeria Inter-Bank Settlement System (NIBSS) is yet to release any official statement addressing the ongoing interbank transfer downtime.

The Nigeria Inter-Bank Settlement System (NIBSS) just recently reported an upswing in transaction volumes, processing an impressive 9.7 billion transactions throughout the year 2023.

This showed a substantial 90% surge compared to the 5.1 billion transactions recorded in the preceding year of 2022.

Electronic payment transactions in the country also soared to an unprecedented N600 trillion in 2023, with the value of transactions through the NIBSS Instant Payment (NIP) marked a substantial 55% surge when compared to N387 trillion in 2022.

2024-02-10 News