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BANKING AND FINANCE

Banks To Close Early As Year Ends Today

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As the curtain drops on the year 2018 today, banks are closing shops earlier to enable them complete cash count exercise for the 2018 financial year.

Most bank branches would be closing their doors by 2pm today, (Monday December 31, 2018) , while some are closing shop by 1pm. For some banks, branches outside Lagos would close by 2pm , while those within Lagos which is the commercial capital of the country would close by 3pm.

A message from one of the banks read, “We wish to inform you that our branches will close for business by 1pm, Monday December 31, 2018 to enable us run end of year activities. Kindly use our e-channels which are available 24/7 to carry out your banking transactions.”

Another bank’s message to its customers read, “Dear customer, please be informed that on Monday December 31, 2018, our branches in Lagos will close at 3pm and our branches outside Lagos will close at 2pm. This is to enable us complete the cash count exercise for 2018 financial year. we encourage you to take advantage of our secure convenient and always on alternative channels for all your banking needs.”

Meanwhile, customers have lamented the quality of services of the electronic channels. Data from Nigeria Inter Bank Settlement System (NIBSS) showed that while failure rate of the NIBSS Instant Payment (NIP) has been low, failure rate of Point of Sale transactions have been on the rise.

The Data by NIBSS showed that banks as well as processors’ contribution to POS transactions failure rate has been on the rise having dropped in the middle of December 2018. Destination banks have been a major contributor to failure of NIP transactions in the beginning of December but had improved as at December 21, according to NIBSS data.

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