Nigeria Inter-Bank Settlement System (NIBSS) experienced downtime, leaving bank customers lamenting over transfer errors and failed transactions.
Numerous screenshots purportedly from banks circulated, indicating that the NIBSS, serving as the settlement partner for all banks, is encountering challenges in completing transfers- “NIBSS the settlement partner for all banks is having issues completing transfers at the moment”
Despite the reported network issues, banks have assured customers that the NIBSS is actively working to resolve the problem. Amid the disruption, various customers took to social media, expressing their concerns.
What Nigerians are saying
@AyoFBI
- There’s a downtime on NIBSS Instant Payment transfer channel. Interbank transfers are currently not going through. NIBSS will never own up to this but we know it’s from them. It’s not your bank, it’s them. Be informed. https://twitter.com/PureMinD__/status/1756362556493463820
There’s a downtime on NIBSS Instant Payment transfer channel.
Interbank transfers are currently not going through. NIBSS will never own up to this but we know it’s from them.
It’s not your bank, it’s them.
Be informed.
— Ayo FBI (@PureMinD__) February 10, 2024
@toHire.ng
NIBSS downtime is responsible for your bank transfer not going through. The fault isn’t from your bank. Please be informed
— ToHire.NG (@tohire_ng) February 10, 2024
@Sinclair
“NIBSS is down. This is the more reason we need to start adopting decentralized infrastructures. So many people are stranded wherever they are. https://twitter.com/Sinclairlegal/status/1756384887278588409
NIBSS is down.
This is the more reason we need to start adopting decentralized infrastructures. So many people are stranded wherever they are.
— Sinclair (@Sinclairlegal) February 10, 2024
@FakhuusHashim
It’s really incredible that Nigerian banks will just be down for hours on end. Never experienced it once with a bank anywhere else. It’s really amusing.
— . (@FakhuusHashim) February 10, 2024
@Olalekan
- “I was almost disgraced today because of this at a mall I went. I don’t carry my debit cards around and I don’t have enough cash for what I picked on the shelf, 4 bank apps refuse to make payment, I had to drop the items and leave when people were murmuring that I don’t have $
- https://twitter.com/egbonlekan/status/1756373288077455535
I was almost disgraced today because of this at a mall I went.
I don’t carry my debit cards around and I don’t have enough cash for what I picked on the shelf, 4 bank apps refuse to make payment, I had to drop the items and leave when people were murmuring that I don’t have $
— Olalekan (@egbonlekan) February 10, 2024
At the time of this report, the Nigeria Inter-Bank Settlement System (NIBSS) is yet to release any official statement addressing the ongoing interbank transfer downtime.
I was almost disgraced today because of this at a mall I went.
I don’t carry my debit cards around and I don’t have enough cash for what I picked on the shelf, 4 bank apps refuse to make payment, I had to drop the items and leave when people were murmuring that I don’t have $
— Olalekan (@egbonlekan) February 10, 2024
What you should know
The Nigeria Inter-Bank Settlement System (NIBSS) just recently reported an upswing in transaction volumes, processing an impressive 9.7 billion transactions throughout the year 2023.
This showed a substantial 90% surge compared to the 5.1 billion transactions recorded in the preceding year of 2022.
Electronic payment transactions in the country also soared to an unprecedented N600 trillion in 2023, with the value of transactions through the NIBSS Instant Payment (NIP) marked a substantial 55% surge when compared to N387 trillion in 2022.
