Emmanuel Aku
Whether due to technical glitches, network downtime, or inadequate infrastructure, failed transactions can cause immense frustration and financial losses for individuals and businesses.
A Guardian Nigeria report quoted industry sources mentioning that resolutions of failed transactions got up to 60, leaving 40 unresolved failed transactions.
The CBN naira redesign policy bulldozed digital transactions to record highs, but the resolutions of failed transactions have continued to fall, compared with the volume of transactions in Q1 2023.
However, the countrys financial system is not without its challenges, and one of the most significant issues that financial institutions and their customers face is failed transactions.
Nigeria has a booming economy driven by a robust banking sector.
Keypoints
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Technext Newsletter
- The antecedent of failed transactions
- The CBNs body language
- Talking failed transactions
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