Despite the availability of currency, failed bank transfers that were encountered during the naira shortage continue to exist, according to the most recent Business Day data.
As soon as the Central Bank of Nigeria (CBN) stated that the old N200, N500, and N1,000 banknotes would be legal money until December 31, 2023, it was anticipated that the bank transfer failures would decrease. This has not been the case, though, as the banks’ digital payment infrastructure has not improved and continues to crumble under user strain.
Few people claim that they are no longer having trouble with online transactions, but many claim that nothing has changed since the CBN made cash available since they continue to experience problems.
“The issues with internet banking have not yet been fixed. I found it difficult to utilize my mobile banking app on my phone all day during the Easter break, according to Lagos-based instructor Tony Chigoziri. “Another acquaintance of mine struggled to pay the restaurant bill and was humiliated by his bank since he was unable to conduct transfers or card transactions. After a while, they were forced to release him so that he could make his payment from home when the network was available.
Chigoziri added that the issue has gotten unbearable to the point where people go to make complaints on the comment sections of viral posts on Twitter tagging the banks for not being able to return their money after failed debit transactions for weeks.
He declared, “I don’t think the banking industry has the Internet banking system up and running completely. Many of these institutions must create additional databases in order to gather information from a larger variety of account customers.
The Nigerian system, according to Ikotun plumber Adeniyi Kayode, has a tendency to escalate problems that can be remedied quickly.
The plumber claims that typically the transfer issue should be a phase that ends as money is made accessible, but that this is not the case right now because no one wants to look into it while people continue to suffer.
“Nigeria will always find a way to make everything a new normal. I cannot use my GTbank account for over two days now. The app refused to open and most times at the point when you need to pay for something important,” Adeniyi said.
According to him, having money and not accessing it is unbearable. During the naira scarcity, I witnessed responsible people fighting inside the bank to get their money because you can’t go home and tell your family that there is no money. The authorities should join hands and make things better for everyone in this country.
The lack of IT talent in the banking sector may also be related to the transfer issues, according to digital marketer Nelson Ajero. He urged banks to take steps to keep talent in the industry.
“This may possibly be related to the Japa problem, which had an impact on the banking industry. Cases like these might happen if your digital staff is diminished. Therefore, it is necessary to go back and consider all the problems in order to find a solution. When they have money, people can’t continue to suffer, Ajero added.
Loveline Chinaza, meantime, has stopped experiencing bank transfer failures once cash has been made available, allowing her to do as many transactions as previously without being interrupted.
“During the naira scarcity, I was unable to use my Zenith Bank for transactions. I will have to stay awake till midnight or wake up very early in the morning to clear pending transactions because of the bank network. But since cash became accessible, I have not witnessed such again. The period of scarcity was a very difficult moment for me because I had to go hungry most times or buy food on credit because of transfer failure,” Chinaza said.
The Federal Government’s cashless policy, according to her, would be a smart move, but they must come up with ways to make sure people aren’t damaged while putting it into practice.