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Transfers Gone Missing: Nigeria’s frustrating digital bank transactions
Zulaiha Danjuma
Imagine expecting to receive payment for the goods you sold to a customer only to find that the significant amount of money never reached your bank account. For Malam Haruna Yau, a palm oil vendor in Kano State, Nigeria, this nightmare became a reality.
KANO FOCUS reports that, despite his initial skepticism about adopting electronic bank payments for his business, Haruna decided to open a bank account to receive payments from his customers.
However, he soon faced numerous challenges with vanishing funds due to network glitches causing discrepancies between customer transactions and his received payments.
“The major problem we have is the unpredictable network issues, which can be quite frustrating when trying to receive payments from customers,” Haruna explained. “Because of these network issues, we find ourselves going back and forth with customers on payments they say they made, which don’t reflect in my account. And in some cases, the money shows up much later.”
Malam Haruna Yau
One specific challenge Haruna faced was when he lost ₦19,000 due to network issues. “Just last week, I lost about ₦19,000. A lot of customers sent me money, but I didn’t receive the payments, even my neighbor selling next to me sent me some money, same thing,” Haruna said.
Haruna added, that this was one of the reservation he had about bank transfers but he knew he could not escape using the bank for his business due to the raise of technological advancement
He went further to explain that there are a lot of small vendors who still resist having bank accounts due to the fear of vanishing bank transfers
“It’s discouraging for vendors who are not banked hearing those of us who opened bank accounts complaining of our monies vanishing within banks” he said
Hajiya Rabi’a, a women’s clothing vendor, shared a similar story. She sent ₦5,000 to her brother on two separate occasions, but the funds never reached him.
“I thought it was a one-off issue, but when it happened again, I was shocked,” Rabi’a said. “I had to pay that money thrice.” She lamented.
According to industry players, the issues with vanishing interbank instant transfers often originate from the deposit banks themselves. The Central Bank of Nigeria (CBN) has implemented measures to address these challenges, including the Industry Dispute Resolution Platform.
“The CBN has been working tirelessly to address the challenges faced by customers,” said an industry expert. “The Industry Dispute Resolution Platform is a significant step towards resolving disputes and improving the overall customer experience.”
The CBN has also directed deposit money banks to resolve instant interbank disputes within three working days. Customers have the right to report any issues to the CBN and fill out a complaint form.
In addition, the CBN’s regulation on Instant Electronic Funds Transfers (EFT services) states that all instant interbank EFTs should take place within 1 minute (60 seconds). However, despite this protocol, deposit money banks have been seen falling short of upholding this right to customers.
According to data from the Nigerian Inter-Bank Settlement System (NIBSS), the volume of instant interbank transfers has increased significantly over the past year, with over 10 million transactions valued at over ₦10 trillion.
However, the same data also shows that the number of disputes and complaints related to untraceable funds has also increased, with over 10,000 complaints received by the CBN in the past quarter alone.
The impact of untraceable funds on individuals and businesses cannot be overstated. For Haruna, the loss of ₦19,000 was a significant blow to his business. “It’s not just about the money; it’s about the trust and confidence that customers have in the banking system,” Haruna said.
To address these challenges, the CBN has launched the Industry Dispute Resolution Platform, which is strictly for card and POS transactions. Banks have been mandated to report any single dispute to the platform.
“All banks are under obligation to report their dispute on the Industry Dispute Resolution System (IDRS) platform. This took off three months ago, so hopefully, customers should expect better services,” an industry source said.
While electronic bank payments offer convenience and efficiency, the challenges with vanishing funds cannot be ignored. As the CBN continues to work towards resolving these issues, customers must be aware of their rights and the measures in place to protect them.
_*To protect themselves from vanishing funds, customers can take the following steps:*_
– First, verify transactions with their banks
– Report any issue of bank non compliance to resolving the issue; by filling out a CBN complaint form about the banks non compliance
By taking these steps, customers can help ensure that their transactions are secure and that they receive the funds they are owed.
In the words of Haruna, “I believe that electronic bank payments are the future, but we need to address the challenges that come with it. As customers, we need our banking institutions to do better to serve us properly and protect our funds”.
_*This story is produced under the Digital Public Infrastructure (DPI) Fellowship of the Media Foundation for West Africa (MFWA) and Co-Develop in partnership with Kano Focus Newspaper online*_
Kano State Governor Abba Kabir Yusuf has emerged as a beacon of hope for graduates left stranded due to the previous administration’s negligence regarding academic certificates.
His determination to rectify these injustices has culminated in decisive actions to secure the future of Kano’s youth. Ibrahim Adam, the Special Adviser to the Governor on Information, shared these developments with the media.
On December 9, 2024, Governor Yusuf traveled to Cyprus with a mission to obtain the overdue academic certificates for Kano students affected by the prior administration’s failure to meet its educational financial obligations.
During a critical meeting with the management of Near East University, the governor focused on facilitating the release of certificates for students who graduated between 2015 and 2019, particularly in essential fields like Medicine and Nursing.
This was confirmed by Sunusi Bature Dawakin Tofa, the governor’s spokesperson.
In a significant move, Governor Yusuf has settled the outstanding fees of €1.4 million (approximately ₦2.5 billion) owed to the university for 84 medical and2015 to 2019.
This substantial financial commitment honors the dedication and hard work of these graduates, restoring their hopes for a future that had previously been unjustly delayed.
According to Ibrahim Adam, the certificates are set to be handed over to the Kano State Scholarship Board through the Nigerian Ambassador to Turkey, marking a pivotal moment for the affected students.
Governor Yusuf acknowledged the challenges faced by the graduates, declaring, “This situation has been a significant setback for our children, hindering their dreams and aspirations, and it has also affected our state, which is in dire need of their expertise.”
His vision for a prosperous Kano is centered on prioritizing education, ensuring that talented individuals can make valuable contributions to the state’s advancement.
The governor’s proactive measures not only address the systemic issues in the education sector but also inspire renewed hope among Kano’s youth.
By fulfilling his promises, he emphasizes the crucial role of supporting young people in achieving their aspirations, which is vital to the state’s growth.
As this milestone is celebrated, it is evident that Governor Abba Kabir Yusuf’s relentless pursuit of educational reform signals a transformative era for Kano State.
His administration’s unwavering focus on education stands as a vital investment in the futures of individuals and the overall development of the state.
Under his leadership, Kano State is poised to realize its full potential, with eager graduates ready to make impactful contributions to their communities.
Governor Yusuf’s commitment to empowering the youth serves as an enduring reminder that with dedication and decisive action, a brighter future is attainable for all.
Mukhtar Yahya Usman
Kano State Governor, Alhaji Abba Kabir Yusuf, has been named Governor of the Year 2024 (Good Governance) by Vanguard Newspaper, in recognition of his transformative achievements in the education and healthcare sectors.
The recognition was announced in a statement issued by the Governor’s spokesperson, Sanusi Bature Dawakin Tofa, on Saturday.
Governor Yusuf received the award at a prestigious event held in Lagos, where eminent personalities from across the country were honoured for excellence in leadership and service.
Speaking at the ceremony, the Chairman of the occasion, Atedo Peterside, emphasized that the selection process was based on merit and verifiable impact, commending the awardees for their outstanding contributions to national development.
Vanguard’s Editor-in-Chief, Eze Anaba, praised Governor Yusuf for setting a high standard in governance through his commitment, innovation, and focus on people-centered policies.
In his remarks, Governor Yusuf expressed gratitude to Vanguard for the recognition, dedicating the award to the people of Kano State.
He reaffirmed his administration’s resolve to continue investing in sectors that directly impact the lives of citizens, especially education, health, and social welfare.
Other recipients of the Good Governance Award included Governors Umar Namadi (Jigawa), Charles Soludo (Anambra), Douye Diri (Bayelsa), Biodun Oyebanji (Ekiti), Sheriff Oborevwori (Delta) and Hope Uzodinma (Imo).
Governor Yusuf was accompanied to the ceremony by members of the State Executive Council, lawmakers, special advisers, local government chairmen, and close political allies.
This latest honour comes just four days after he received the Governor of the Year (Education) award from Leadership Newspaper.
The Governor is also scheduled to receive the Africa Good Governance Award from Heritage Times Magazine later this month in Morocco.
By Aminu Abdullahi Ibrahim
Kano State has the highest number of zero-dose immunization cases in Nigeria, with 15 local government areas (LGAs) identified as high-burden, according to Save the Children.
This alarming figure has prompted the launch of targeted interventions under the Boost Project, a collaborative initiative by Save the Children and GSK aimed at reducing the number of zero-dose and under-immunized children in the country.
During an engagement meeting held on Thursday with the Kano State Community of Practice (CoP) on Immunization, stakeholders renewed commitments to tackling the issue.
The project is currently being implemented in Kano and Lagos States, with focused interventions in Ungogo and Gezawa LGAs, which are among the most affected areas in Kano.
Speaking at a media and civil society dialogue, Taiwo Folake, Coordinator of the Boost Project, emphasized the critical role of public engagement in reversing the trend.
She called for increased media support to drive awareness and community action on immunization.
Folake explained that the Boost Project works closely with state and local governments, traditional and religious leaders, and caregivers to ensure that children who have never received routine vaccines are reached, while also reintegrating those who have dropped out of immunization schedules.
Dr. Itunu Dave Agbola, Policy and Advocacy Coordinator of the project, said the initiative is also focused on improving domestic resource mobilization for immunization funding, strengthening governance, and developing a Kano-specific immunization policy to enhance planning, funding allocation, and accountability.
She noted that building trust through community leadership is vital for vaccine acceptance.
Also speaking, Salisu Yusuf, Co-Chair of the Kano CoP on Immunization, reiterated the group’s commitment to working with all stakeholders to reduce the number of high-burden LGAs.
He dismissed widespread misconceptions about vaccine safety, assuring that vaccines are safe and scientifically approved.
Yusuf pledged to intensify sensitization efforts through media outreach, house-to-house campaigns, and community meetings.
The meeting marks a renewed drive to improve immunization coverage in Kano State, with a strong emphasis on reaching vulnerable and underserved communities.
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