Nigerians who utilize the platforms for transactions are irritated by ongoing issues with failing banks’ electronic payment (ePayment) channels, adding to the problems facing the banking industry.
The irritation is caused by an increase in transaction failures, mostly via unstructured supplemental service data (USSD), and long lines at ATM terminals, which are related to slow, inconsistent Internet banking, among other things.
Customers now find it practically impossible to carry out basic transactions from the comfort of their homes due to the problems, which have been increasing over the past several years.
According to The Guardian, there are now more customer service banks complaining about botched transactions.
The difficulties have also pushed a lot of individuals to use across-the-counter transactions, which has made banking rooms more crowded.
Temitayo Ogunjobi, a consumer from Apapa, told The Guardian: “Banking applications have been insane. It seems to be a widespread issue. When it will be resolved is unknown.
Emeka Francis, a different client from Surulere in Lagos, claimed that he attempted to send money to his relative twice using his mobile banking app but that the transactions were reversed.
Another client, Linus Okonta, has a problem with non-dispensing ATMs.
“You will get to ATMS, seven in a row. But just one will be giving out cash. How would you elucidate that? That is why you see queues, I mean the kind of queues we used to see during festive periods. They have become daily experiences.”
The difficulties were felt nationwide. Customers in other states are similarly affected as are those in Lagos.
For instance, several citizens of Ogun have urged banks to act more professionally, particularly when it comes to their customer service practices.
A working-class student from Abeokuta named Mary Adegbite described her experience as follows: “My worst experience with the ATM was when I was stranded at Ayobo. I tried withdrawing from the nearest ATM terminal, but after waiting for more than 30 minutes, the terminal stopped dispensing. I was told the machine was out of cash. I got stranded because I did not have the cash to even move from one location to another.”
The adoption of USSD was a hurdle for Raliat Oyadeyi.
“I needed to transfer urgently to my mother for medical care. The receiver account was not credited for several days after I was charged. Because I transferred the balance to my account, it was annoying. After numerous trips to the banks, the issue was not resolved for approximately a week, she recalled.
The USSD services, which are provided by banks using their infrastructure, were threatened with removal by the Association of Licensed Telecoms Operators of Nigeria (ALTON) last week.
The USSD debt increased from N45 billion as of May 2021 to N80 billion by September 2022, according to ALTON Chairman Gbenga Adebayo. In his words, “telcos may be forced to remove their services from the banks” if the issue is not resolved quickly. Everyone is aware of what that signifies.
The ALTON was in conversation yesterday, according to individuals who spoke with The Guardian.
A source explained why the services are still epileptic, saying, “We have not yet discontinued the service. If the services have been poor, the banks must be fundamentally flawed. It must be a problem within.
Indeed, according to sources, almost 2,000 bank IT employees have left their jobs and moved abroad.
Ajibola Olude, executive secretary of the Association of Telecommunications Companies of Nigeria (ATCON), expressed concern over the country’s huge flight of telecom experts, particularly those who occupy important positions at banks.
If not resolved right away, Olude warned, this would result in subpar services.
A senior bank official did in fact tell The Guardian that the banking industry is under threat, particularly given the migration of professionals from the system.
She claims that some of the difficulties clients are encountering are largely caused by the void left by this big exodus.
“But as a responsible sector, we are working on those challenges. Banks will recruit and train more hands, invest in new infrastructure and upgrade those which need to be upgraded,” he said.
