Nigeria Interbank Settlement System Instant Pay platform has shown that Bank customers carried out over one million transactions on its platform.
NIP, an online real-time product that facilitates instant digital payment of bills on an account, hit exactly 1 point 336 million transactions as of 5.50pm on Sunday.
Total failure rate of the electronic payment system was 0.70 per cent , with customers experiencing a total of 9,295 failed transactions.
Statistics reveal that Point of Sales’ transactions by merchants and retailers in the country to be 582 thousand 160 as of 5.50pm on the same day.
The data revealed that transactions on PoS had a high failure rate of 11 point 58 per cent as the volume of failed transactions on the terminals stood at 67 thousand 392 at the same time.
However, NIP observed that the highest volume of transactions, 11,861 happened at 5.20pm, while electronic payment on PoS peaked at 5.35pm, with a high
The e-payment platform data also revealed the destination bank, bank customers and source bank which were responsible for failed NIP transactions between March 1 and March 22, 2019.
