Naira Scarcity: Increased Online Transactions Crash Banking Apps
Mobile apps of several Nigerian banks are currently under serious pressure as more Nigerians are forced to carry out online transactions.
Mobile apps of several Nigerian banks are currently under serious pressure as more Nigerians are forced to carry out online transactions due to the scarcity of the new naira notes.
Since the beginning of this week, customers of major banks in the country have been having unpleasant experiences while trying to transfer funds or perform any form of transaction on their mobile apps. Many Nigerians have now become stranded due to the non-availability of cash in ATMs and even over the counter, while transactions over the apps have become a nightmare.
While in many cases, the apps do not open at all, in cases where they open, making a transfer becomes impossible. In other instances where the customer can transfer, the intended receiver does not get credited and this becomes a problem.
Aside from the apps, pressure has also been on the USSD, which is an alternative transaction channel, leading to an increase in failed transactions over the channel.