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Business Finance Info & Updates

Online payments low as unrest spreads

Banking transactions carried out by customers was low on Wednesday as unrest spread in the country and Nigerians observed curfew in some states.

Live data obtained from Nigeria Interbank Settlement System Instant Pay platform showed that bank customers had carried out 176,593 transactions as of 4.50pm.

The unrest started with clashes across the country by hoodlums who took advantage of the #EndSars protest to cause mayhem.

The protest as well as the destruction of lives and properties by hoodlums affected movement of people and crippled economic activities in many cities.

Already, Lagos, Ekiti, Abia, Plateau and Edo state governments have declared 24-hours curfew to restore peace in their states.

Usually, funds transfer and online payment of bills via NIP always exceed one million transactions in a day.

Meanwhile, analyses of the live electronic payment data indicated that a low failure rate of I.14 per cent was recorded on the platform, with customers experiencing a total of 2,019 failed transactions as of 4.50pm.

The data showed that 174,549 NIP deals were successful at that time.

The NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms than PoS and e-Bills Payment over the years.

Data on the e-payment platform efficiency showed that transfer limit exceeded, beneficiary bank not available and account name mismatch and system malfunction were some of the factors responsible for failed NIP though the numbers of unsuccessful payments were insignificant.

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The NIP recorded the highest volume of transactions amounting to1,899 payments at 3.30pm.

When the curfew was announced in Lagos State, many banks informed their customers to leverage digital payment channels to send and receive money, purchase airtime, pay for goods, services and utilities.

The President of Lagos Chamber of Commerce and Industry, Mrs Toki Mobogunje, had expressed concern over the negative impact that the protracted nature of the #EndSars protests has on business activities across the country.

He said the crippled economic activities had been profound in the urban areas and had led to losses estimated at N700bn in 12 days.


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