Technext Technext
  • Home
  • Stories
    • Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      16 hours ago 0
      21
    • ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      20 hours ago 0
      61
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      1 day ago 0
      34
    • ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya
      ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya
      2 days ago 0
      74
    • Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit
      Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit
      2 days ago 0
      58
    • uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians
      uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians
      2 days ago 0
      57
    • Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      3 days ago 0
      78
    • Breaking: FG Lifts Ban on Sale and Activation of Sim Cards From April 19
      Breaking: FG Lifts Ban on Sale and Activation of Sim Cards From April 19
      3 days ago 0
      124
    • Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      3 days ago 0
      51
  • Features
    • Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      Jamb Isn’t the First! Here are 10 times Nigerian Govt Agencies have Been Hacked in the Last Decade
      3 days ago 0
      78
    • Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      Ramadan Kareem: 5 Ways Tech Can make Ramadan Easier for Your Body and Soul
      5 days ago 0
      109
    • Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      Identity Theft, Foolproof Scams: How Data Breaches in Tech Companies can Cost You
      6 days ago 0
      119
    • CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      CBN’s BVN Verification Ban: What it Means for Nigerian Fintechs and their Customers
      1 week ago 0
      448
    • ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      ‘Limiting Mindsets Prevent Women from Making the Most of Tech Communities’ – Temilade Adelakun
      1 week ago 0
      177
    • Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      Electronic Transactions Increased by 77% to N2.3bn in 2020 as USSD Transactions Increased by 80%
      2 weeks ago 0
      175
    • The dying cybercafe culture is still driving ICT penetration in low-income areas
      The dying cybercafe culture is still driving ICT penetration in low-income areas
      2 weeks ago 0
      246
  • Reviews
    • Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
      1 day ago 0
      34
    • Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      Fundall is Helping Nigerians Gain Financial Intelligence and Make Investments
      3 days ago 0
      51
    • Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      Lagos is the PoS Capital of Nigeria with about 70% of Total Transactions Carried out in 2020
      4 days ago 0
      109
    • Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      Tech Events this Week: Cashless Africa, Deloitte’s Black in Tech Summit and Others
      6 days ago 0
      116
    • Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      Global Tech Roundup: Twitter Wanted to Buy Clubhouse for $4 Billion!
      1 week ago 0
      151
    • Scholarships Africa Connects Students to Hundreds of Int’l Scholarships in Minutes
      Scholarships Africa Connects Students to Hundreds of Int’l Scholarships in Minutes
      1 week ago 0
      164
    • Godzilla Vs Kong Raked N17m in 3 days but Cinema Revenue Dropped 10% in March
      Godzilla Vs Kong Raked N17m in 3 days but Cinema Revenue Dropped 10% in March
      2 weeks ago 0
      177
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    NIBSS Finally Fixes System Glitches as Volume of POS Transactions Rose from N83m in Q4 2018 to N89m in Q1 2019

    Idris AbubakarIdris Abubakar
    June 4, 2019
    NIBSS Finally Fixes System Glitches as Volume of POS Transactions Rose from N83m in Q4 2018 to N89m in Q1 2019

    POS adoption continues to witness an uptick across Nigeria as statistics obtained from the Nigeria Interbank Settlement System (NIBSS) shows the volume of POS transactions crossed 89 million in Q1 2019. This is way higher than the 83.8 million transaction recorded in Q4 2018.

    However, the value of POS transactions declined significantly in Q1 2019. While the value of transactions grew to N714.344 billion in Q4 2018, the figure stood at 633.8 billion in Q1 2019.

    NIBSS Finally Fixes System Glitches as POS Transactions Witness Significant Increase

    Similarly, unlike the previous quarter where transactions were consistently high for each month, Q1 2019 saw a steep drop in the month of February. In that month, both the value and volume of POS transactions dropped noticeably.

    In February, the volume of POS transactions crashed from 28.2 million to 25.8 million. Meanwhile the value of transactions dropped to N193.426 billion, down from N222 billion in January.

    Recent NIBSS Data Shows Failed POS Transactions are Increasing Dangerously

    These declines are not unsurprising though. In March, live POS data on the NIBSS website showed that there was a high rate of failed transactions on a daily basis between February and March. For instance on March 29, out of 340,653 POS transactions, 96,000 had failed. That represents an unhealthy 38.34% of all transactions. And these statistics were obtained before 1pm, implying that the failure rates could have been over 100,000 by the end of the day.

    According to the Guardian, the high rate of failure was attributed to a system crash. According to them, the NIBSS system crashed on December 24, 2018. And ever since then, failed transactions grew steadily.

    But other sources attribute the problem to a host of other issues in the banking sector.

    NIBSS Finally Fixes System Glitches as POS Usage Witnesses Significant Uptick

    NIBSS Fixes Errors, POS Transactions Sees Highest Monthly Transactions Ever

    However, in March, the NIBSS announced that it had upgraded its systems to handle the failure rates.

    “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,” said NIBSS Acting Managing Director, Niyi Ajao.

    And judging by April POS statistics, it appears NIBSS has somewhat addressed the problem. Despite not being a peak month, the value of transactions grew to N246.097 billion in April 2018, the highest since December 2018.

    NIBSS Finally Fixes System Glitches as POS Transactions Witnesses Significant Uptick

    But more impressively, transaction volumes equally grew in April, rising to 33.4 million. That is the highest monthly transaction ever recorded by the POS industry.

    Statistics also show that deployment of POS machines has reached new highs. This means people have access to more POS machines in more locations than before.

    With these, expect POS transactions to reach even higher levels in Q2 2019.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Idris Abubakar

    Idris Abubakar

    Abubakar Idris has interests in all things web, business and tech innovations. I write to inform.

    Meet Olaniyi Toluwalope, the New MD/CEO of Payments Processing Company, eTranzact
    Next article
    Meet Olaniyi Toluwalope, the New MD/CEO of Payments Processing Company, eTranzact
    Nigerian Edtech Startups, Otrac and Traindemy  Could Get $70k Investment after been Selected for Injini Accelerator
    Previous article
    Nigerian Edtech Startups, Otrac and Traindemy Could Get $70k Investment after been Selected for Injini Accelerator’s 3rd Cohort

    Related Posts

    • Stories 16 hours ago

      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others

      Social Media Roundup: Twitter in Ghana, Ahmed Musa Rejoins Kano Pillars and others
      Stories, Women in Tech 20 hours ago

      'Banks Told me I was too Young to Buy Stocks' - Tomie Balogun on why she Ventured into Investments

      ‘Banks Told me I was too Young to Buy Stocks’ – Tomie Balogun on why she Ventured into Investments
      Reviews, Stories 1 day ago

      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach

      Global Tech Roundup: Facebook Faces $3.4Bn Fine for Latest Data Breach
    • Stories 2 days ago

      'We are Reviewing our Rates,' Bolt Tells Boycotting Drivers in Kenya

      ‘We are Reviewing our Rates,’ Bolt Tells Boycotting Drivers in Kenya
      Stories 2 days ago

      Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit

      Possible Reasons why NCC Resumed SIM Sales and Registration Before Concluding its Audit
      Stories 2 days ago

      uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians

      uduX Partners Piggyvest to Help Nigerians Invest in their Favorite Musicians

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • From Bolt to Flutterwave, Here are the Top 5 Nigerian Tech Fund Raisers of 2020
      From Bolt to Flutterwave, Here are the Top 5 Nigerian Tech Fund Raisers of 2020
      4 months ago 0
    • Roundup: Although Jacob Zuma has Resigned, He has Left us Many Popular Memes
      Roundup: Although Jacob Zuma has Resigned, He has Left us Many Popular Memes
      February 16, 2018 0
    • Uber Regains License to Operate in London After 3 Years Legal Tussle
      Uber Regains License to Operate in London After 3 Years Legal Tussle
      7 months ago 0
    • Senate Revives Bill to Regulate Social Media Use, Imposes N150,000 Fine or 3 Years Imprisonment on Offenders
      Senate Revives Bill to Regulate Social Media Use, Imposes N150,000 Fine or 3 Years Imprisonment on Offenders
      November 6, 2019 0
    • Meet Damilare Akano, Africa’s Youngest Microsoft Specialist
      Meet Damilare Akano, Africa’s Youngest Microsoft Specialist
      September 30, 2019 0

    Follow Us

    Latest Tweets

    • technextdotng RT @gbemmygbenga: Could these have been the practice board for them former Dubai billionaire Bros them..now lately of American prison? Simi…
      about 7 hours ago
    • technextdotng A likely reason the government has ordered the resumption of SIM reg could be due to complaints by several Nigerian… https://t.co/azNWYXX2j2
      about 14 hours ago
    • technextdotng RT @KVanderhoydonk: Ugandan Fintech Startup, Numida Closes $2.3M Seed Round to Scale across Africa https://t.co/8uGi1BrVSG via @technextdot…
      about 16 hours ago
    • technextdotng Over the last 10 years, there have been several attempts but not all have been reported. Based on Technext’s findi… https://t.co/l20ICn5Giq
      about 16 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    For many people, managing money and knowing the ri For many people, managing money and knowing the right opportunities to invest in is still a challenge. A survey of over 2,000 youths in Nigeria, Kenya, Uganda, Tanzania and Cote D’Ivoire by Geopoll revealed that more young Nigerians only save after spending than their counterparts in other countries.

More youths in Tanzania and Uganda set aside a fixed amount to save than in Nigeria and Ivory Coast, who are more likely to save what remains after spending

The popularity of apps like @Piggybankng and @Cowrywise has made more people curious about saving, investing and creating a financial strategy to grow their money. However, there is need for more apps that take a more deliberate and friendly approach towards gaining financial intelligence and map out a sustainable path to monetary stability.

This is where Fundall comes in. @get_Fundall is a fintech service whose app is available for download on android and iOS.
.
.
.
.
.
#Fundall #LifeStyleCard #FinancialPlanning #Africa #Fintech #Finance #Financial #Nigeria #SaveMoney #Payments #Nigeria
    @theflutterwave has partnered with American eComme @theflutterwave has partnered with American eCommerce fraud detection firm, Forter to enable merchants to identify legitimate buyers on their Flutterwave platforms. This effort is aimed at detecting fraudsters masking themselves as legitimate buyers on the payment platform.

The partnership touted as the first of its kind in Africa will enable merchants to accurately identify legitimate buyers from fraudsters in the hopes of increasing transaction approvals and reducing friction in the purchasing experience, all without the fear of fraud.

Read more on Technext.ng
.
.
#ecommerce #crypto #marketplace #Merchants #fraudsters #Fraud
    Things are gradually returning to normal as the nu Things are gradually returning to normal as the number of covid-19 cases continues to fall. Although it may take a while before we hug people or shake hands without second thoughts, things are getting better.

Only 523 new cases were recorded between April 6 and 13. This is a slight increase compared to the 497 people that tested positive over the previous week. Two weeks earlier, Technext reported that 584 people tested positive.

The numbers show a sustained decrease in the spread of infections across the country. Indeed the Lagos state government is now confident enough to allow event centres and relaxation centres to increase their crowd capacity. Along with that, here are other developments during the week.

Read more on Technext.ng
.
.
.

#COVID19 #Nigeria #Education #Vaccine #Government
    Today, @Google unveils a Doodle to posthumously ma Today, @Google unveils a Doodle to posthumously mark the 74th birthday of Nigerian music legend and highlife maestro Oliver de Coque, one of Africa’s most prolific recording artists of all time.

The Doodle, created by Lagos-based graphic artist and illustrator @OhabTBJ, pays tribute to the guitarist who died in June 2008 at the age of 61, following a heart attack. The creative inspiration was drawn from De Coque’s love for the guitar, his energetic performance style, his unique music brand, and his love of tradition and culture.
.
.
.
.
.
.
#afrobeats #music #music #musiclover #naijamusic #musician #musicvideo #musicislife #musicproducer #musically #musicblog #musicjunkie #Africangiant #musicjournalism
    The use of Point of Sale (PoS) machines in Nigeria The use of Point of Sale (PoS) machines in Nigeria is growing but a majority of this growth is concentrated in the country’s economic capital, Lagos. According to NIBSS Instant Payment stats, the state recorded the largest number of PoS transactions in the country.

The report shows that Lagos accounted for about 70% of the total volume of PoS transactions in 2020. This represents a 100% growth in the volume of PoS transactions in the state as the volume of PoS transactions rose from 226 million in 2019 to over 453 million at the end of 2020.

Read more on Technext.ng
.
.
.
#finance #Nigeria #Lagos #Tech #POS #ATM #Money #Cash #Funds #TechNews
    Cryptocurrency trading company, @Coinbase, is list Cryptocurrency trading company, @Coinbase, is listing on the stock exchange today for $250 per share under the ticker ‘COIN’. With a share count of 261.3 million, this gives it a valuation of $65.3 billion.

This valuation is less than the $100 billion valuation that it got from @NASDAQ. At its current valuation, however, the crypto-based startup shows growth from recent years due to uptake in its subscriber base and generated revenue.
.
.
.
.
.
.
.
#stockmarkettimes #coinbase #coinbaseipo #uslisting #bitcoin #cryptocurrency #nasdaq #cryptocurrency #btc #forex #nft #bitcoinnews #cryptocurrencies #bitcoins #tech #investment #defi #investing #entrepreneur #invest #business #cardano #eth #coinbase #tesla #dot #polkadot #xrp
    Load More... Follow on Instagram

    Random News

    • All You Need To Know About The New Tiktok Look-Alike, Youtube Shorts
      All You Need To Know About The New Tiktok Look-Alike, Youtube Shorts
      7 months ago 0

      Youtube has announced the launch of its Tiktok rival, Youtube Shorts. The short-form video creator will ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy