Despite several complaints of unresolved failed electronic transactions that trailed the payment sub-sector in the first quarter of 2023, as a result of the Federal Government policy on naira redesign, volumes and values of electronic payment transactions, which slumped in February to N37.6 trillion has climbed to N49.4 trillion by March.
Though the Nigeria Inter-Bank Settlement System (NIBSS) was silent about unresolved transactions, industry sources noted that only 60 per cent of the ePayment transaction failures that occurred earlier in the year had been resolved, leaving 40 per cent of complaints unresolved.
Latest data released by the NIBSS showed that ePayments were up by over 23 per cent within one month, attributable to surge in the total value of e-payment transactions last month as well as sustained use of digital payment channels despite the waning cash scarcity. Notwithstanding the rise in ePayment adoption, there are still several unresolved failed ePayment transactions that characterised the first quarter.
These problems have continued to keep more Nigerians in the banking hall. These transactions, according to findings, run into millions of Naira. –Guardian
