How a banking error sent ₦13.66B into wrong accounts
On Techpoint Digest, we discuss NIBSS going to court over ₦13.66 billion glitch, this Nigerian teen fixing freelancing with AI, and Ethio Telecom making history with Ethiopia’s first IPO.
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Victoria from Techpoint here,
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NIBSS goes to court over ₦13.66 billion glitch
This 16-year-old Nigerian wants to fix freelancing with AI
Ethio Telecom makes history with Ethiopia’s first IPO
NIBSS goes to court over ₦13.66 billion glitch
NIBSS
Nigeria’s banking infrastructure is back in the spotlight after a technical glitch accidentally sent ₦13.66 billion into customer accounts that were never supposed to receive the money, as reported by ITWeb Africa. The Nigeria Inter-Bank Settlement System (NIBSS), which powers instant bank transfers across the country, has now gone to the Federal High Court in Lagos to recover the funds nearly two years after the incident happened. According to court documents, the problem started on September 6, 2024, when a fault on the Nigeria Instant Payment (NIP) platform triggered what bankers call “dry posting,” money getting credited to accounts without the actual debit side of the transaction happening. The glitch reportedly affected 176 accounts across 19 banks and microfinance institutions.
What makes the case particularly messy is how long it has dragged on. NIBSS says it immediately alerted the affected banks and asked them to restrict the accounts involved, but the banks reportedly refused without a court order. Legally, the banks had a point. Freezing customer accounts without proper judicial backing can create its own legal problems. But that delay also meant many of the accounts remained active while NIBSS navigated the courts. Now, almost 20 months later, the settlement company is asking for account freezes, Post No Debit restrictions, liens tied to Bank Verification Numbers, and reversals of any traceable funds. The obvious question is how much of the ₦13.66 billion is actually still recoverable after all this time.
The bigger concern is what this says about the reliability of Nigeria’s financial infrastructure at a time when digital payments are exploding. Electronic transactions in Nigeria cros...
