Banks instant payments hit 1.65m New Year’s Day

Bank customers carried out over 1.65 million transactions on Nigeria Interbank Settlement System (NIBSS) Instant Pay platform on New Year’s Day.

Live updates provided by the NIBSS stated that as of 3.54pm on the first day of the year, NIP deals hit exactly 1,646,443.

Nigerians and other residents in the country visited different entertainment  spots nationwide with families and friends to celebrate the beginning of another decade.

Analyses of the live electronic payment data indicated that a low failure rate of 0.91 per cent was recorded on the platform, with customers experiencing a total of 14,985 failed transactions and 1.631 million successful payments.

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

Instant payments reached a peak at 9.50am of Wednesday, recording a total volume of 22,572 at that time.

The statistics also showed that the PoS transactions carried out by merchants and retailers in the country were low at 555,976 as of 3.54pm on the same day.

The data indicated that transactions on the PoS had a  failure rate of 12.92 per cent as the volume of failed transactions on the terminals stood at 71,715 as of the same time.

Electronic payment on PoS peaked also at 11.40am, recording a volume of 6,057.

Data on the e-payment platform efficiency showed the  system malfunction, transfer limit exceeded and account name mismatch were some of the factors responsible for failed NIP though the number of unsuccessful payments was insignificant.

The report indicated that errors originating from customers, acquirer banks and issuer banks accounted for about five per cent of the unsuccessful PoS payments.

Meanwhile, the reviewed bank charges by the Central Bank of Nigeria took effect on Wednesday.

The new guidelines stated that the withdrawal fee charged for the use of other banks’ ATM had been reduced from N65 to N35.

On electronic transactions, the CBN introduced a graduated fee scale for electronic transfers to replace the current flat fee of N50, as transfers below N10,000 will attract a maximum charge of N10; and transfers above N50,000, N50.

Card maintenance fee on the current account was  removed while savings accounts will now attract a card maintenance fee of N50 per quarter (three months) from N50 per month.

Yearly card maintenance fee on foreign currency denominated cards was reduced to $10 from $20.