Banking transaction disruptions hit investment firms

The disruption in banking services witnessed in recent times has impacted the services of some investment firms in the country.

Some banks in Nigeria had announced downtimes due to planned system upgrades and unplanned downtimes caused by an issue with the Nigeria Inter-Bank Settlement System.

In an email, Optimus by Afrinvest warned customers that they might experience temporary transaction delays due to NIBSS and some banks’ downtime.

The mail partly read, “We would like to inform you about some temporary delays in processing withdrawals. This is due to an issue with NIBSS (Nigeria Inter-Bank Settlement System), as well as downtimes from certain banks, including GTCO, Zenith, Sterling, Stanbic, and Standard Chartered. If your Optimus by Afrinvest account is linked to any of these banks, you might experience delays in receiving funds in your bank account or depositing funds in your wallet.

“We sincerely apologise for any inconvenience this may cause. Rest assured, we are actively monitoring the situation and will update you as soon as everything is back on track.”

Digital platform for treasury bills, stocks and other investment services, i-invest, also informed customers that a planned upgrade by its partner bank would affect its operations.

The firm said, “This is to inform you about a planned upgrade that may temporarily affect your transactions. To improve your experience, our partner bank will undergo maintenance, which may cause delays or disruptions in funding and withdrawals.

“The upgrade is scheduled from 12:00 am on Sunday, October 13, to 9:00 am on Monday, October 14, 2024. We apologise for any inconvenience this may cause and appreciate your patience.”

Bank customers in Nigeria have been experiencing disruptions, with more expected in the coming weeks as several financial institutions upgrade their core banking systems.

While the move is aimed at improving operational efficiency and enhancing customer experience, it has caused service interruptions for some bank customers.