The Nigerian Inter-Bank Settlement Systems (NIBSS), Central Bank of Nigeria (CBN) financial institutions, and others key stakeholders have assured effortless transactions failure on Point-of-sales (PoS) with latest system upgrade.
The Acting CEO/MD, NIBSS, Mr. Niyi Ajao speaking to journalists on Tuesday in Lagos said, it has upgraded its systems to accommodate an anticipated 100per cent rise in PoS transactions.
He noted that the recent glitches experienced in PoS transactions were due to an attempted upgrade.
He explained that, the agency has been able to stabilise the system after meeting with other stakeholders in the payment systems value chain.
According to him, “In 2018, we had 285 million PoS transactions and that was the highest ever recorded in the country.
“We are expecting that the figure will double in 2019 because we had half of 2018’s figure in 2017 and that was why we embarked on an upgrade of our systems.
“A system glitch happened in course of trying to upgrade capacity and unfortunately for us, other players in value chain had issues around that period and that compounded the problem.
“We started noticing the issues around December. The failure rate which was previously at 13per cent climbed to around 16per cent.”
“Effective from March 22, PoS transaction time-out period would be increased to 45 seconds from the present 15 seconds to reduce the failure rate.
“Banks have also agreed to dedicate a particular period of the day to treating reversal complaints to clear the backlog.
“We hear the complaints of Nigerians and we assure them that it would be resolved with the next few days.”
In recent times, there had been complaints about increased failure rates of PoS transactions and the increased time in reversing failed transactions.
He added that whenever there is a transaction decline the system is supposed to reverse the transaction such that a debited cardholder would receive a reversal credit.
According to the NIBSS boss, the delays on reversal could be caused by platform downtime; Network issues at Processor level and delayed responses and Issuer/Switch Inoperative – Processor or bank is not available to receive the reversal even when it’s transmitted by NIBSS.