By Babajide Komolafe
THE Nigeria Interbank Settlement System (NIBSS) yesterday, said it has begun to implement measures to facilitate upgrade of its system to handle 600 million Point of Sale (PoS) transactions in 2019.
Acting Managing Director/Chief Executive Officer, NIBSS, Mr. Niyi Ajao, disclosed this yesterday while addressing the press on efforts to address recent upsurge in PoS transaction failure. He disclosed that the volume of PoS transactions doubled to 285 million, and it is expected to double again in 2019 to about 600 million transactions. He added that in a bid to ensure capacity to handle this increase NIBSS introduced measures to upgrade it’s system in anticipation of the growth.
He said that the upsurge in the failure rate of PoS transactions was due to glitches that arose in the course of implementing the system upgrade, adding that NIBSS and stakeholders have however taken some measures to address the issue and facilitate the upgrade.
He said: “ In 2018, we had 285 million POS transactions and that was the highest ever recorded in the country.
“We are expecting that the figure will double in 2019 because we had half of 2018’s figure in 2017 and that was why we embarked on an upgrade of our systems. A system glitch happened in the course of trying to upgrade capacity and unfortunately for us, other players in value chain had issues around that period and that compounded the problem.
“We started noticing the issues around December. The failure rate which was previously at 13% climbed to around 16%.
Effective from March 22, POS transaction time-out period would be increased to 45 seconds from the present 15 seconds to reduce the failure rate.
“Banks have also agreed to dedicate a particular period of the day to treating reversal complaints to clear the backlog.”
“We hear the complaints of Nigerians and we assure them that it would be resolved with the next few days.”