Nigerian fintechs report transfer delays due to NIBSS failures

Electronic transfers across several Nigerian banks and fintechs were disrupted on Tuesday after the Nigeria Inter-Bank Settlement System (NIBSS) experienced what operators described as intermittent system failures.

The disruption affected real-time payments processed through the NIBSS Instant Payment (NIP) platform, Nigeria’s core infrastructure for account-to-account electronic fund transfers.

Several fintech companies alerted customers to delays in transfers and other payment services.

Carbon told users in a message that it had received confirmation from NIBSS about ongoing technical issues.

“We have confirmation from NIBSS that they are experiencing intermittent failures, which will delay your transfers,” the company said, adding that customers would be notified once normal service resumed.

The outage also drew reactions from Paga Chief Executive Officer Tayo Oviosu, who said the problem had affected the broader banking ecosystem.

“NIBSS is having issues, so the entire banking transfer system is at a near halt,” Oviosu said in response to customer complaints.

NIBSS Instant Payment is a real-time electronic funds transfer system that enables banks and licensed financial institutions to process transfers across mobile apps, internet banking platforms, ATMs and other digital channels.

The platform serves as a critical part of Nigeria’s financial infrastructure, supporting millions of daily transactions for banks, fintech firms and payment service providers.

Lagos selects 19 accelerators to manage ₦10B MSME fund

As of the time of reporting, NIBSS had not issued an official statement indicating the cause of the disruption or when services would be fully restored.

The incident caused delays in fund transfers and left many users unable to complete transactions, highlighting the central role NIBSS plays in powering Nigeria’s rapidly growing digital payments ecosystem.

Please follow and like us:

100k