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Sallah: Banks Recorded 278,966 Failed Instant Pay Transactions

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  • Sallah: Banks Recorded 278,966 Failed Instant Pay Transactions

Bank customers experienced 278,966 failed electronic payment transactions on the Nigeria Interbank Settlement System Instant Pay platform on Tuesday.

The NIP, an online real-time product that facilitates instant payment of bills on accounts, as of 5.40pm on Tuesday, recorded a total volume of 5.43 million transactions, according to live updates provided by the NIBSS.

Analysis of the live electronic payment data indicated that a failure rate of 5.15 per cent was recorded on the platform.

The NIP has been adjudged as the most preferred platform for electronic payment having grossed more transactions in monetary terms than the National Electronic Funds Transfer, Point of Sales and e-Bills Payment over the years.

The statistics also showed that PoS transactions carried out by retailers in the country also had a high failure rate of 11.41 per cent as of 5.40pm on the same day, out of a total transaction volume of 569,838.

The live updates showed that the volume of failed transactions on PoS stood at 65,064 at the same time.

On Tuesday, being the first day of the Eid-El-Kabir celebration, the NIP recorded the highest volume of transactions at 105,849 by 12.20pm, while electronic payment on PoS peaked at 10.10am, recording a volume of 10,721.

Data on the e-payment platform efficiency showed the destination banks for electronic payment contributed the most to failed NIP transactions between July 20 and August 10, 2018.

For 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 customers to declined transactions had remained stable at 0.1 per cent.

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, while WiFi, or Local Area Network have been developed to address this.

Commenting on the factors responsible for the failed transactions, the Head, Corporate Communications, NIBSS, Lilian Phido, recently said that unsuccessful transactions could be traced to network issues in the banks, insufficient funds in the customers’ accounts or problems on the NIBSS platform.

She stated, “There are many parties associated with a typical transaction. The bank, customers and the NIBSS are involved. If the customer doesn’t have money in his or her account, or the account is lean, the transaction will fail.

“If the bank is having network issues, the transaction will fail at that moment. If the NIBSS platform is down, then the platform will not work in all the banks, not just one bank. This is very rare because it means the platform will not work in any of the banks.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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