Cash Crunch: Electronic Banking Platforms Collapse Under Traffic Surge


The Nigerian banking public continues to face hardship in accessing their funds as cash scarcity persists while alternative channels have remained problematic at best.

Some these platforms include internet banking, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), Point of Sale (POS) and Automated Teller Machines (ATMs).

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) suggest that transactions worth at least N30 trillion are performed monthly using electronic platforms.

And at a time when these electronic transactions are expected to surge due to the the Naira redesign and the shortage of physical cash, the platforms for these services are collapsing.

This as experts say the downtime experienced by many of the banking applications and alternative channels has shown the lack of adequate investment in technology by the operators in the Nigerian financial industry.

The woes of the banking public were further compounded by failure of banks’ USSD platforms…

Source: Leadership Newspaper