Fintech platforms such as Opay, Palmpay, Carbon, and Kuda have been unable to make transfers due to a technical glitch experienced by the Nigerian Inter-Bank Settlement System (NIBSS). The glitch, which started on Tuesday, April 11, 2023, has caused frustration and inconvenience for customers relying on these platforms for daily transactions.
According to sources close to NIBSS, the technical issue was caused by a network failure, which has affected the core banking system. This has led to a transfer outage on some fintech platforms, leaving customers stranded and unable to carry out essential transactions.
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Apologies and Workarounds by Fintech Platforms
Fintech companies in Nigeria have issued apologies to their customers and are working with NIBSS to resolve the issue as quickly as possible. Carbon, for example, has assured its customers that its team is working actively to fix the problem, while Kuda has apologized for the inconvenience caused and assured customers that they are doing everything possible to resolve the issue.
Regulatory Oversight by CBN
The recent transfer outage has highlighted the need for stronger collaboration and regulatory oversight between fintech companies and financial institutions in Nigeria. The Central Bank of Nigeria (CBN) has been actively promoting financial inclusion and has been working to regulate fintech companies in the country. The CBN’s plan to close bank accounts without BVN is an example of the efforts to reduce fraud and improve the efficiency of the financial sector.
Customer Frustration and Complaints on Fintech Platforms
Customers who have been unable to make transfers have expressed their frustration on social media. Some have complained about delays in transfer processing, while others have reported that their transactions were pending or not reflected in their accounts. This situation has left many customers stranded, unable to carry out essential transactions such as paying bills, making purchases, and sending money to family and friends.
Despite the challenges faced by fintech companies, they continue to offer innovative solutions to promote financial inclusion and drive economic growth in Nigeria. These companies have been providing financial services to millions of unbanked and underbanked Nigerians, thus promoting financial inclusion and driving economic growth.
Conclusion
The recent transfer outage experienced by some fintech platforms in Nigeria has caused inconvenience to millions of customers. However, fintech companies and NIBSS are working hard to resolve the issue and restore normal operations. Fintech companies continue to offer innovative solutions to promote financial inclusion and drive economic growth in Nigeria, and with stronger collaboration and regulatory oversight, they can continue to do so while ensuring the efficiency and stability of the financial sector.
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