Online payments low as unrest spreads

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Banking transactions carried out by customers was low on Wednesday as unrest spread in the country and Nigerians observed curfew in some states.

Live data obtained from Nigeria Interbank Settlement System Instant Pay platform showed that bank customers had carried out 176,593 transactions as of 4.50pm.

The protest as well as the destruction of lives and properties by hoodlums affected movement of people and crippled economic activities in many cities. Usually, funds transfer and online payment of bills via NIP always exceed one million transactions in a day. Data on the e-payment platform efficiency showed that transfer limit exceeded, beneficiary bank not available and account name mismatch and system malfunction were some of the factors responsible for failed NIP though the numbers of unsuccessful payments were insignificant.When the curfew was announced in Lagos State, many banks informed their customers to leverage digital payment channels to send and receive money, purchase airtime, pay for goods, services and utilities.

 

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