Eid-el-Fitr: Online financial transactions hit 3.4 million

Bank customers carried out about 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on the second day of Eid-el-Fitr, live updates provided by the NIBSS have shown.

As Muslim faithful across the country celebrated the conclusion of their fasting season, funds transfer and online payment of bills via NIP hit exactly 3,414,084 transactions as of 6.16pm on Wednesday.

Analysis of the live electronic payment data indicated that a low failure rate of 0.53 per cent was recorded on the platform, with customers experiencing a total of 18,166 failed transactions as of 6.16pm.

The statistics also showed that Point of Sale transactions carried out by merchants and retailers in the country were 1.46 million as of 6.16pm on the same day as many bank branches closed for the holiday.

The data indicated that transactions on the PoS had a high failure rate of 13.08 per cent as the volume of failed transactions on the terminals stood at 191,592 at the same time.

NIP recorded the highest volume of transactions – 41,147 – at 4pm, while electronic payment on the PoS at 5.15pm recorded a volume of 14,094 at that time.

The report indicated that errors originating from customers, acquirer banks, and issuer bank accounted for most of the unsuccessful PoS transactions.