About 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve were not successful according to records from the Nigeria Inter- Bank Settlement System Plc .

As of 8. 13 pm on Monday, the NIBSS revealed that a total volume of 1 ,107 ,229 transactions were conducted with an average processing time of 15 minutes , 49 seconds .

It disclosed that the failed volume was 276, 852, which was 25 per cent of the total volume.

The NIBSS is a financial sector that provides the mechanism for same day clearing and settlement of inter -bank transfers and payments
It was set up by the Bankers Committee as a shared – service infrastructure for facilitating payments finalities , streamlining inter – bank payments and settlement mechanisms , to drive and promote electronic payments across the Nigerian financial industry .

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