E-payment Issues Put Pressure on the Bank’s Tech Resources
The lack of petrol prevented people from queuing, but the lack of cash drove the Central Bank of Nigeria to redesign the naira notes and impose a restriction on cash withdrawals, forcing the bulk of customers to choose e-payment methods.
Yet because of the colossal failure of e-payment channels, consumers who couldn’t make payments were obliged to wait for the networks of multiple banks to recover before continuing with their transactions.
An unnamed technical expert from Sterling Bank blamed payment platforms for the problems related to trapped monies from unsuccessful transactions in a chat with our correspondent. The source claims that all trapped monies are typically held by payment.