NIBSS server down, what we know right now.
There was a breakdown in the Nigeria Inter-Bank Settlement System (NIBSS), which caused bank customers to be upset about unsuccessful transactions and transfer errors.
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The National Institute of Bank Settlement Services (NIBSS), which acts as the settlement partner for all banks, is reportedly facing difficulties finishing transfers, according to a number of screenshots that have gone viral and are allegedly from banks. NIBSS is reported to be experiencing these issues at the moment.
What Banks are saying about NIBSS server down.
Despite the reported network issues, banks have assured customers that the NIBSS is actively working to resolve the problem. Amid the disruption, various customers took to social media, expressing their concerns.
What Nigerians are saying about the NIBSS server down.
@AyoFBI
The NIBSS Instant Payment transfer channel is unavailable at the moment. Interbank transfers are currently not going through. NIBSS will never own up to this but we know it’s from them. It’s not your bank, it’s them. Be informed. https://twitter.com/PureMinD__/status/1756362556493463820
@toHire.ng
“NIBSS downtime is responsible for your bank transfer not going through. The fault isn’t from your bank. Please be informed”. https://twitter.com/tohire_ng/status/1756385859752914980
@Sinclair
“NIBSS is down. This is the more reason we need to start adopting decentralized infrastructures. So many people are stranded wherever they are. https://twitter.com/Sinclairlegal/status/1756384887278588409
@FakhuusHashim
The fact that Nigerian banks would simply shut down for hours at a time is truly amazing. Never experienced it once with a bank anywhere else. It’s really amusing. https://twitter.com/FakhuusHashim/status/1756365562215579919
@Olalekan
“I was almost disgraced today because of this at a mall I went. I don’t carry my debit cards around and I don’t have enough cash for what I picked on the shelf, 4 bank apps refuse to make payment, I had to drop the items and leave when people were murmuring that I don’t have $
I was almost disgraced today because of this at a mall I went.
I don't carry my debit cards around and I don't have enough cash for what I picked on the shelf, 4 bank apps refuse to make payment, I had to drop the items and leave when people were murmuring that I don't have $
— Olalekan (@egbonlekan) February 10, 2024
The Nigeria Inter-Bank Settlement System (NIBSS) has not yet made an official statement regarding the ongoing interbank transfer outage as of the time of this report.
What you should know about NIBSS server down.
The Nigeria Inter-Bank Settlement System (NIBSS) just recently reported an upswing in transaction volumes, processing an impressive 9.7 billion transactions throughout the year 2023.
This showed a substantial 90% surge compared to the 5.1 billion transactions recorded in the preceding year of 2022.
The value of electronic payments in the nation also surged to an unprecedented N600 trillion in 2023, with a significant 55% increase in transactions made through the NIBSS Instant Payment (NIP) over N387 trillion in 2022.
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