The Nigeria Inter-Bank Settlement System on Saturday encountered downtime, causing distress among bank customers grappling with transfer errors and failed transactions.
Screenshots purportedly from different banks circulated, underscoring the challenges faced by NIBSS, the pivotal settlement partner for all banks.
Messages such as “NIBSS, the settlement partner for all banks, is having issues completing transfers at the moment” added to the growing concerns.
Despite the reported network issues, banks moved swiftly to reassure customers, emphasizing that NIBSS is actively working on resolving the problem.
In the midst of the disruption, numerous customers turned to social media platforms to express their frustrations and concerns about the situation.
The incident sheds light on the critical role played by settlement systems like NIBSS in ensuring seamless financial transactions and the ripple effects that downtime can have on the broader banking ecosystem.
As NIBSS strives to address these challenges, the incident serves as a reminder of the interconnected nature of the banking infrastructure and the impact technical glitches can have on customer confidence and financial operations in Nigeria.