Nigeria’s Inter-Bank Settlement System (NIBSS) is experiencing a downtime, causing delays in electronic transactions across financial institutions.
The NIBSS instant payment platform which is currently down is an account-based, real-time electronic funds transfer (EFT) system.
It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels.
The downtime, now in its third day has frustrated Nigerians who have been left with complaints on the internet and on the streets.
Financial technology firms (fintechs) have spent the past two days notifying customers of the disruption in transactions, and apologizing for the inconveniences it might have caused.
A message from Kuda MFB sighted by our reporter read: “NIBSS, the settlement partner for all banks, is having intermittent issues completing transfers at the moment so money sent to your Kuda account might be delayed and transfers to other banks may not be possible”.
“As the issues are being fixed by NIBSS, we’ll keep you updated on our status page – status.kuda.com.”
However, NIBSS is yet to release a statement addressing the matter.
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