As of 8. 13 pm on Monday, the NIBSS revealed that a total volume of 1 ,107 ,229 transactions were conducted with an average processing time of 15 minutes , 49 seconds .

It disclosed that the failed volume was 276, 852, which was 25 per cent of the total volume.

The NIBSS is a financial sector that provides the mechanism for same day clearing and settlement of inter -bank transfers and payments

It was set up by the Bankers Committee as a shared - service infrastructure for facilitating payments finalities , streamlining inter - bank payments and settlement mechanisms , to drive and promote electronic payments across the Nigerian financial industry .

It will be recalled that unsuccessful transaction is a thing that occur often during festive period in the country and the concerned authorities and working towards solving the problem.