The cashless banking initiated by the central bank of Nigeria is frustrating business transactions in the country. Since the introduction of this policy, a lot of people have experienced failed transactions emanating from attempts to send and/or receive money. Before now, online transactions were conducted without obstruction but with the implementation of the cashless policy at the beginning of 2023, a lot of people who now resort to cash transfers have experienced difficulties in doing so.
There are several occasions when banks' applications for mobile banking systems failed to function as well as the ussd codes. These issues have continued for some time now and nothing is done about it.
However, this problem is blamed on the banking industry as their servers cannot accommodate the explosion of traffic as a result of many users who now resort to online payment. In some quarters, banks in Nigeria have lost lots of competent employees, especially those who are technologically inclined as a result of the brain drain currently ravaging the country. A lot of Nigerian graduates have left the country in search of greener pastures in Europe and other countries of the world. This has handicapped the banking industry and other sectors.
Some of the common problems encountered include the inability to initiate a transaction. Either the money will leave your account and not get to the destination or the money will get to the recipient's account and will not reflect on the balance. A lot of failed transactions are yet to be settled by the banks. This incident has however exposed the incompetence of the Nigerian banking industry.
I happen to be a victim of this situation, after getting foodstuff from the supermarket, several attempts to pay from my bank mobile app amounted to disappointment. The seller had to take back her goods. Besides this, my money is still hanging in the air as it has not gotten to the customer I sent to.
One of the stakeholders in the banking industry said this as a major reason for the problem.
If everybody should go into cashless, the internet platforms of the banks should be able to manage the traffic. The reason we are experiencing delay in transaction or declined transaction, is because there are lots of traffic at the backend. People want to do internet banking at the same time, however, because of the capacity, they cannot enter at the same time.”source
There's a need for banks to hire competent and experienced professionals to handle their servers and internet system to curtail these challenges.
This has been one of our major challenges. I know with time, everything will be fine.
Of course
African leaders often act first think later. Heard on news how people are suffering. Hope it gets sorted soon.
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Everyone hopes so.
Thanks for reading
My pleasure
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