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Nigeria’s Inter-Bank Settlement System Encounters Downtime, Disrupting Electronic Transactions

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4 semanas ago

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Nigeria‘s Inter-Bank Settlement System (NIBSS) is currently facing challenges with downtime, leading to disruptions in electronic transactions within the country’s financial sector.

Fintech firms such as Eversend and Kuda Bank have issued notifications to their customers regarding the ongoing disruptions, particularly affecting common transactions like bill payments and transfers.

The intermittent issues being experienced by NIBSS, which plays a crucial role in settling transfers between banks, has caused delays in transactions to accounts at Kuda Bank and other financial institutions.

Customers across various banks, including Guaranteed Trust Bank (GTB) and United Bank for Africa (UBA), have reported significant delays in their electronic transactions, underscoring the widespread impact of NIBSS’s technical difficulties.

Rachel Adams

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