We are addressing the problem — NIBSSHE widespread and incessant failure of transactions through Point of Sale, PoS, terminals is threatening the cashless policy as well as the financial inclusion efforts of the banking industry.
Data obtained from NIBSS showed that as at Tuesday April 2, PoS transactions failure rose to 20 percent, from 16 percent average for March. This means that one out of every five transactions initiated via PoS terminals across the country was not successful. “Another issue is with interrupted withdrawals. This is a situation where the customer account is debited without completion of transaction, we ask the customer to go to their bank to fill an error form. The duration of the reversal takes a long time because of the processes involved to solve the problem.
“The reversal of their debited fund is now the real issue because according to the issuers of the PoS, they won’t be held responsible for any declined transaction. When customers get debited when a transaction is declined, they expect to get fund because they had already gotten the debit alert.
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