Home Business News Access Bank (Diamond Bank) acknowledges numerous transaction failures

Access Bank (Diamond Bank) acknowledges numerous transaction failures

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Access Bank, which recently concluded a merger deal with Diamond Bank has acknowledged the numerous transaction failures currently being experienced by their customers across its digital channels.

The bank sent an email to its customers on Tuesday, explaining why the failures have persisted. For days, customers looking to make online bank transfers often record transaction failures sometimes leading to reversals. In some cases, the accounts get debited even though the transaction is not completed on its banking applications.

Why the failures: The bank claims the reason for the failure “is due to a challenge with our national switching service platform designed for facilitating electronic payments.” Nigeria’s switching platform is operated by the Nigerian Inter-bank Settlement System plc.

Why this matters: Nairametrics has closely watched the seamless merger of operations between Access bank and Diamond Bank. Whilst this might go unnoticed by most onlookers, we acknowledge the efforts put in place by the bank to ensure seamless cross operations of transaction across both platforms (Diamond Bank and Access Bank).

  • Users of Diamond Bank still conduct their transactions routinely without bothering about migration issues or having to close their existing accounts and transfer balances to Access Bank.
  • Typically, when transactions are made on the Diamond Bank platform, customers get text message and email alerts from Diamond Bank
  • However, with incessant failures which may not be their fault or unique to them, Access Bank stands to lose frustrated customers who might blame this to the merger.

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