NIBSS Intermittent Failures Trigger Delayed Transactions Across Nigerian Fintech and Banking Channels

Nigeria’s digital payments ecosystem experienced widespread disruptions on Tuesday as the Nigeria Inter-Bank Settlement System (NIBSS) reportedly suffered intermittent system failures, causing delays in electronic transfers across banks and fintech platforms.

The outage affected the NIBSS Instant Payment (NIP) system, a key infrastructure that enables real-time funds transfer between financial institutions. The disruption slowed down transactions on both banking apps and fintech services, leaving many customers unable to complete payments or transfers.

Several fintech companies, including Carbon, informed users that the issue originated from NIBSS, noting that transfers would be delayed until normal service resumes. The company assured customers that updates would be provided as the situation improves.

Similarly, Paga CEO Tayo Oviosu confirmed the broader impact of the outage, stating that the issue had effectively slowed down the country’s entire banking transfer system. Users across different platforms reported failed transactions and pending payments during the disruption.

As of the time of reporting, the duration of the downtime remained uncertain, and NIBSS had not issued an official public update. The incident once again highlights the heavy reliance of Nigeria’s financial ecosystem on centralized payment infrastructure and the ripple effects when such systems experience technical instability.

source: The cable