PoS

Adebayo Obajemu

For some Nigerians who had desired to ease their tension during the Muslims celebration of Eid-El-Kabir, it turned out the other way round, as poor network witnessed by PoS payment platform soured the celebration.
And it  appears internet users may not witness the needed uhuru, nor any sigh of relief anytime soon, as network disruptions and technology glitches eat deep into their operations.

Affected most are bank customers and Point of Sales terminal operators, especially during the Eid-El-Kabir celebration.

According to the Nigeria Inter-Bank Settlement System (NIBSS), about 23%, 309,016 of a total 1.3 million transactions done on Friday (as at 4pm), failed. Also, the failure rate hit 16.98%, as 385,960 out of 2.27 million transactions declined on Saturday.

According to the data, the issuer banks contributed the most to the failure of the transactions, as 68,697 and 32,230 of the failed transactions were attributed to errors on their platforms.

This was closely followed by errors emanating from the customers, which accounted for 37,034 and 65,619 of failed payments respectively.

The statistics indicated that 33,260 and 45,099 errors emanated from the acquirer banks and 19,728 and 74,000 errors, which originated from the processors, also contributed significantly to the failed funds transfer and payments carried out by retailers and merchants.