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Yuletide: Over 25% POS Transaction Failed - NIBSS

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NEWS: Yuletide: Over 25% POS Transaction Failed - NIBSS [New Naija News] » Naijacrawl
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Almost 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve yesterday  were not successful according to records from the Nigeria Inter- Bank Settlement System Plc .



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.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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