Tangerine and other Bank’s Woes Highlight Importance of Trustworthy Banking Platforms in Nigeria
Over the past ten days, Tangerine Bank, a Canadian direct bank owned by Scotiabank, has experienced significant problems with its online banking system. Since February 10th, several Tangerine users have been claiming that they are unable to use their web wallet and the Tangerine app. Users have been unable to access their accounts due to error notices stating “no internet connection on the App” and “notification undefined on the web.”
A source claims that those who attempted to log in on Friday afternoon and were met with the notice “no internet connection” were the ones who discovered the problem.
According to our source, in the early hours of Friday, 17th February, 2023 the orange brand messaged back as follows: “Dear Valued Customer, We sincerely apologize for the challenges you have experienced performing transactions on our app channels over the last few days. We regret any inconveniences this may have caused and assure you that we are working tirelessly to restore our service. Thank you for your patience.”
The no-fee checking and savings accounts offered by Tangerine Bank are well-known. They also offer GICs, mortgages, and mutual funds. The institution was first established in 1997 as ING Bank of Canada before being bought out by Scotiabank in 2012. Starting in April 2014, the Tangerine branding was implemented. Many clients have recently experienced bad banking services and cash failures, and the Nigerian banking industry is currently dealing with a unique combination of problems.
The announcement by the Central Bank of Nigeria that the 1000 and 500 naira bills are no longer legal cash has left the nation in disarray. To make matters worse, the online banking failure which many Nigerians who now prefer mobile app banking as their online digital platform for doing financial transactions with the introduction of smartphones is now unprecedented.
The Tangerine Bank incident and other financial services emphasizes how crucial it is to have a reliable Apex-led banking system. Customers may have serious issues if there are any disruptions to the essential daily function of online banking. Banks must make sure their digital platforms are always dependable and operational because more and more customers are relying on mobile banking apps.
In conclusion, the recent Tangerine Bank outage has caused many customers a great deal of hardship and emphasizes the significance of having dependable online banking platforms. Banks must put up a lot of effort to keep their digital platforms current, safe, and usable at all times. Customers should always have a backup plan in mind and exercise patience and caution when there are problems in the financial system.
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