EPayments Reach N49.4 Trillion, With 40% of Failed Transactions Unresolved

0 215

According to CIO, we have handled more than 60% of ePayment issues. Although banks owe telcos over N100 billion in debt, USSD platforms continue to face difficulties. CeBIH promises improved services and new investment.

According to experts, banks’ infrastructure is inadequate The Federal Government’s policy on naira redesign has caused the volumes and values of electronic payment transactions, which fell to N37.6 trillion in February, to rise to N49.4 trillion by March, despite numerous complaints of unresolved failed electronic transactions that lagged the payment sub-sector in the first quarter of 2023.

Customers were left stuck at super markets, hospitals, retail malls, and movie theaters, among other places, when payment processes also went wrong. These failures were not restricted to the banking cycle.

Due to the increase in frustration that has resulted fromtransaction failures, primarily via the unstructured supplementary service data (USSD), failed automated teller machine (ATM) terminals transactions, which are associated with intermittent slow service and sluggish Internet banking system, among others.

Leave A Reply