Nigerian Banks Sends Messages On Network Issues as Customers Struggle To Carry Out Transaction

Nigerian Banks Sends Messages On Network Issues as Customers Struggle To Carry Out Transaction

  • Internet service was disrupted in Nigeria and neighboring West African countries following a cable damage in high sea
  • This affected digital banking services, as bank customers were left to seek alternations to carrying out transaction
  • Nigerian banks, including Ecobank have release notices to customers acknowledging the challenges

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

Nigerian banks have issued notices to their customers regarding delayed transactions on their digital platforms. on Thursday, March 14, 2024 .

The banks, in a separate message, explained that the interruptions was a result of undersea cable damage which affected Internet service.

Nigerian banks transfer
Nigerian banks customers experience service disruption Photo credit: Benson Ibeabuchi
Source: Getty Images

They noted that the damage not only impacted internet service in Nigeria but also affected neighboring countries along the West African coast.

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Internet service disruption

Punch reports that internet watchdog, NetBlocks noted that internet connectivity disruption occured in eight West African countries, including Ghana, Nigeria, Cameroon Ivory Coast, Liberia, and the Benin Republic.

NetBlocks, in the post, said:

“Live network data show today’s telecoms disruption in #Africa has intensified; the incident has high impact to West Africa with significant reductions in connectivity evident across the continent; operators report multiple subsea cable failures.”

Nigerian banks apologise to customers

One of the major banks, Ecobank decided to send out messages to its customers explaining the transactions challenges on their digital platforms.

The message assured customers that the bank's team is actively collaborating with internet service providers to find solutions and resolve the challenge promptly.

The message reads:

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"Dear Customer, Notice of Service Fluctuation. We are currently experiencing service fluctuations due to general internet outage as a result of undersea cable damage. This outage is not only nationwide, it also affected countries bordering the West African coast.
"We apologize for the inconvenience caused by delayed transactions on our digital platforms. Please be assured that our team is actively working with our internet providers to find an alternative source to resolve this challenge swiftly.
"For clarification and further assistance, please reach out to our 24/7 Contact Centre via any of the channels listed below.
"We appreciate your understanding and thank you for choosing Ecobank, the Pan African Bank."

Fintech firms send messages on new interest rates

Similarly, financial technology firms such as Opay, Palmpay, and Cowyrise have also announced new interest rates.

The fintech firms sent messages to their customers, informing them they could earn 14% on their savings.

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This development comes as Nigerians rush to lending platforms due to the skyrocketing cost of living in the country caused by inflation.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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