About 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve were not successful according to records from the Nigeria Inter-Bank Settlement System Plc.

As of 8.13pm on Monday, the NIBSS revealed that a total volume of 1,107,229 transactions were conducted with an average processing time of 15 minutes, 49 seconds.


It disclosed that the failed volume was 276,852, which was 25 per cent of the total volume.

The NIBSS is a financial sector that provides the mechanism for same day clearing and settlement of inter-bank transfers and payments

It was set up by the Bankers Committee as a shared-service infrastructure for facilitating payments finalities, streamlining inter-bank payments and settlement mechanisms, to drive and promote electronic payments across the Nigerian financial industry.