Opay, Palmpay, Carbon, and Other Fintech Companies' Customers Unable to Transfer Funds, Explanation Emerges

• Fintech companies such as Opay, Palmpay, and Carbon have been hit by a transfer outage in Nigeria
• The outage is caused by a technical glitch on NIBSS, leaving millions of Nigerians frustrated
• The fintech companies have issued apologies to their customers and are working to fix the issue

Customers of fintech companies in Nigeria have been unable to make transfers due to a technical glitch in the Nigerian Inter-Bank Settlement System (NIBSS).

The glitch, which started early on Tuesday, April 11, 2023, continued until the morning of Wednesday.

According to sources close to NIBSS, the technical issue was caused by a network failure, which has affected the core banking system.

The glitch has caused frustration and inconvenience for customers relying on these fintech platforms for daily transactions.

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Fintech companies ask for patience

In a statement released by Carbon, the company stated that they are aware of the issue and are working with NIBSS to resolve it as quickly as possible.

The statement reads:

"Hey Carbon fam! We’re aware that some of our customers are experiencing transfer delays and we apologize for the inconvenience.

Our team is actively working to resolve the issue as quickly as possible. We appreciate your patience"

Kuda has also issued a similar statement, apologising to customers for the inconvenience and assuring them they are working to resolve the issue.

Nigerians react

Some customers took to Twitter to express their frustration, with many calling for a speedy resolution.

Bukola, a customer of Opay said:

"I have been trying to transfer money to my brother for the past two hours, and I keep getting an error message. This is so frustrating."

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Also, @Agba_burna wrote:

"I sent money from my zenith bank to my opay wallet and it’s not reflecting but can be seen showing pending in my transaction history"

@CelestineAondo2 also said:

"I'm so angry with all this now @get_carbon I've transferred money from two different accounts to carbon account and all the transactions went through and the money hasn't reflect on my Carbon account."

@TallTamie also complained:

Please whats happening with your service; I made a transfer from my union bank to my PalmPay account, yet I haven’t been credited.

At the time of filing this report, NIBSS and the affected fintech companies are still working to resolve the issue.

CBN to close millions of bank accounts in Access, UBA, Zenith, and others

Meanwhile, in another report, Legit.ng revealed that CBN is planning to close bank accounts without BVN to clean up the sector and reduce fraud

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BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud

There are 24 commercial banks operating in Nigeria, including Access, UBA, Zenith, and other financial institutions that require BVN

Source: Legit.ng