Wednesday, April 1, 2020

175,911 PoS transactions fail as lockdown begins

Point of Sale transactions recorded 175,911 failure rate or 15.55 per cent of total transactions on Tuesday, as the movement restriction directive of the Federal Government commenced.

According to the live PoS report of the Nigeria Inter-Bank Settlement Plc on Tuesday, by 8pm, the total volume of PoS transactions in the country was 1,152,646, with an average processing time of 2.93 seconds.

Many bank branches were also closed, while the lending institutions sent out messages to their customers to explore their electronic payment platforms.

The President Muhammadu Buhari had ordered a total restriction of movement in Lagos, Ogun and Abuja as a response to the COVID-19 pandemic.

Buhari said the restriction would last for an initial period of 14 days with effect from 11pm on Monday.

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