By Abubakar Yunusa
The Nigeria Inter-Bank Settlement System (NIBSS) is experiencing downtime, leading to delays in electronic transactions across financial system and financial technology (fintech) applications.
Fintechs notified customers of disruptions affecting transfers and other payment services on Tuesday.
The NIBSS instant payment platform is an account-based, real-time electronic funds transfer (EFT) system.
It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels.
In a message sent to customers, Carbon, a financial technology firm, said the disruption was linked to intermittent failures on the NIBSS platform.
“We have confirmation from NIBSS that they are experiencing intermittent failures, which will delay your transfers,” the firm said.
“We’ll update you as soon as this is resolved.”
Also reacting to customer complaints over failed transactions, Tayo Oviosu, chief executive officer of Paga, said the issue had affected the wider banking transfer system.
“NIBSS is having issues so the entire banking transfer system is at a near halt,” he said.
The timeline for the full restoration of services remains uncertain.
NIBSS had yet to respond to TheCable’s enquiries as of the time this report was filed.
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