Zenith Bank confirms collapse of interbank transfer platform

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Zenith Bank is largest bank in Nigeria by customer deposits

Zenith Bank confirms collapse of interbank transfer platform – Nigeria’s leading bank, Zenith Bank has confirmed the collapse of the Interbank Transfer Platform which enables transfers from one bank to the other.

In a statement to its customers Tuesday, the bank said the platform is “currently experiencing technical challenges.”

“Due to this, you will be unable to successfully transfer funds to accounts in other banks or receive inflows from them at this time.

“All efforts are being made to rectify the situation and we will inform you as soon as the service is restored”, the bank said.

Many bank customers have reported glitches in transferring money from one bank account to the other. The problem was first noticed Tuesday morning with many POS terminals reporting ‘bad signals’. Later people found that they could also not withdraw money via ATMs in several cities.

According to the National Bureau of Statistics, a total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019.

In a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted on its website, NBS said Nigeria Inter-Bank Settlement System Instant Payment transactions dominated the volume of transactions recorded with 232,816,102 volume of NIP transactions valued at N24.17 trillion were recorded within the period under review.

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