Data obtained on Monday from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed declined transactions on Point of Sales terminals all over the country.
This decline also listed failed PoS transactions at 256,228, indicating a high failure rate of 18.9 per cent out of a total of 1,354,658 transactions conducted as of 9.35pm.
136,834 of these failed transactions was attributed to errors committed by customers.
According to the data, the customers contributed the most to the failure of the transactions as 136,834 of the failed transactions were attributed to errors they committed.
The statistics indicated that 68,874 errors emanated from the issuer bank and 46,147 errors, which originated from the acquirer bank. This also contributed significantly to the failed funds transfer carried out by retailers and merchants across the country.
However, the updates showed that the NIBSS platform and security breach had not in any way contributed to the unsuccessful payments while the processors errors contributed minimally at 0.27 per cent.