With more Nigerians using electronic payment channels as a result of the acute shortages in cash circulation in the economy, PPC Limited, Nigeria’s leading ICT and infrastructure development company has advised financial institutions to strengthen their e-payment platforms.
While speaking on the impact of the redesigned naira notes on banking infrastructure, Dr Patrick Ede, the Director of Operations and Head of the ICT Division at PPC, observed that the inadequacy of the e-payment channels to withstand the deluge of transactions orchestrated by the surge in the use of such channels for payment is causing many failed and unsuccessfultransactions.
He added that the congestion and resultant system downtime are negatively affecting the commercial activities of merchants as transactions have become slow, delayed and sometimes incomplete due to the fact that the banks were never ready for the level of surge they are currently experiencing.
The ICT expert called on banks to implement measures that will ensure all electronic payment channels can process simultaneously, quickly and efficiently.
Ede said, “The rising demand on the digital channels of banks calls for increased investment in reliable payment systems that speedily deliver on transactions.
“To alleviate the congestion on payment channels, banks should carry out an audit of payment channels to identify gaps and loopholes in the system with a view to phased resolution. This first step will ensure that banks raise the standards of experiences they provide to customers and ensure that customers remain at the centre of their business models.”
He urged banks to consider upgrading their server, network and hardware infrastructure to handle peak-time operations, adding that this move will ensure that all electronic payment channels can process transactions swiftly and efficiently.
Ede advised the financial institutions to enhance their security protocols to ensure that all electronic payment channels are secure, protect customer data and prevent fraud.
According to him, there may also be a need for financial institutions to expand their existing payment channels at in order to accommodate more transactions.
PPC’s expertise in the deployment of high-end ICT and engineering infrastructure has assisted several organizations in the public and private sectors to create secure, robust and scalable systems suitable for a broad range of commercial uses.