E-payment Declines to N37tn as Unsuccessful Transactions Increase

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Cashless gateways were utilized 901.46 million times in February compared to 638 million times in January.

Despite a rise in use, there were more unsuccessful transactions in February as the overall amount of cashless transactions dropped.

The NIBSS has been experiencing increased downtime recently, according to a First Bank banker who spoke on the record on the condition of anonymity.

The banks claims that this downtime has had an impact on both the outflow and inflow of transactions. The banker said that in order for the payment switch to withstand the strain from the CBN’s policy, it must boost its capacity.


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