The Nigerian Interbank Settlement System Plc (NIBSS) has vowed to make the challenges of dispense errors and non-reversal of failed transactions at point of sale (POS) as a thing of the past given the new measures that will not only tackle them but also elevate the services of other electronic banking channels for the better.
Speaking at a media briefing in Lagos, at the end of a stakeholders’ meeting in Lagos recently the acting Managing Director, NIBSS, Mr. Niyi Ajao, reviewed the challenging period which started late last year and rolled measures that have been put in place and others on the pipeline to offer better services to the teaming population of e-payment users in Nigeria.
He made it clear that the stakeholders meeting which included the Central Bank of Nigeria and commercial banks was very strategic and focused on ways to improve on poor network quality for e-payment transactions by extending the time it takes to complete a transaction, especially, PoS and restore confidence in the e-payment system.
He identified time-out, reversals, capacity enhancement and monitoring as major areas of focus in order to ease transactions.
He explained that Timeout was the total turn-around-time (TAT) for a PoS transaction cycle, from the time it is received from a PoS to the time a response is sent back to the terminal.
Ajao stressed that the TAT had been configured at 15 seconds in agreement with banks and processors. However, delayed responses from Issuers after this timeout in recent times could cause authorised debits not to return to the terminal before the set TAT.
The company which handled 285 million POS transactions in 2018, targets 600 million transactions in 2019.