PoS Transactions: Customers Record 175,911 Failure

• PoS Transactions: Customers Record 175,911 Failure

Point of Sale transactions failed 175,911 times on Tuesday as customers abide by the restriction order of the Federal Government.

According to the Nigeria Inter-Bank Settlement Plc, the total volume of PoS transactions stood at 1,152,646 with an average processing time of 2.93 seconds.

Most Deposit Money Banks (DMBs) were closed on Tuesday while customers were encouraged to explore electronic platforms.

In an email sent to customers by Fidelity Bank, the lender said, “Please be informed that all our branches in FCT, Lagos and Ogun states will operate extended hours on Monday, March 30, 2020, from 8am to 6pm.

“Our branches in these three states will be closed from Tuesday, March 31, 2020, to Monday, April 13, 2020, in observation of the 14 days lockdown directive issued by the Federal Government to curb the spread of Coronavirus.

“As always, our digital channels are available 24/7. Please make use of them for your transactions.”

This was despite the Minister of Finance and the Governor of Central Bank of Nigeria said they have obtained presidential approval to allow critical financial services function.

The CBN letter reads: “Consequently, relevant security agencies have been requested to grant passage to critical staff of these institutions to enable essential and strategic financial transactions to go undisrupted during the period of the lockdown.

“These institutions include the Central Bank of Nigeria; Deposit Money Banks; the Nigeria Interbank Settlement System; Switching companies; Mobile money operators; and payment solution service providers.”