“We bought a cake of N13,000 and my sister used my ATM card to pay, but the store said they didn’t see the money but my account was debited.'
In this report, VICTOR AYENI examines how poor services, failed transactions, and blocked accounts are frustrating many bank customers and why Nigeria’s current structures are not sustainable for efficient digital bankinga hot Wednesday afternoon in July, Folasade Ayoka, an administrative manager in a multinational firm in Ikeja, Lagos, rummaged through her bag looking for her Automated Teller Machine debit card.
She said, “When she inserted my card into her Point of Sale machine, it didn’t indicate that it had deducted the amount. The lady told me that the PoS was indicating that my transaction had declined and she told me to go withdraw money from the nearest ATM to pay her. Meanwhile, the food I bought was already getting cold.
Ayoka continued, “I gave her my name and the department where I worked and assured her that I would return to pay for the food. She gave me an account number and I made a transfer when I got to the office. I also thanked her for her trust and notified her that I had made the transfer. “The woman took the phone from the lady and I explained to her what happened and she advised me to send an email to my bank because a similar thing had happened to her too.
“Three weeks later, my friend called me on the phone to tell me he never received the money I transferred. It was then I remembered the failed transaction was not refunded by my bank. Many Nigerians became cash-strapped and opted for mobile banking. Customers lamented increasingly erratic digital services and failed monetary transfers or taking 48 hours or more to deliver.
He said, “The way I will look at it is this: what are the failure points? Because there are the payment apps and the digital payment services; the ones we all use to access all this stuff. I think these can carry the pressure. “This problem has been recurring and I don’t have the luxury of time to go to my bank to complain each time it happens. As we speak, I have about N5,000 that I have been debited but the people I sent them to didn’t receive them and there has been no reversal.
“It wasn’t until I stormed there in anger that they traced where the money went and refunded the money the next day. This particular bank improved its services for some years until this year when its services started failing again. She said, “We bought a cake of N13,000 and my sister used my ATM card to pay, but the store said they didn’t see the money but my account was debited. We had to make another transfer.
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