How can WorldRemit address the recent increase in failed transactions for bank deposits to Nigeria?

Introduction

The recent increase in failed transactions for bank deposits to Nigeria presents a critical challenge for WorldRemit. This issue not only impacts our users' ability to send money reliably but also threatens our reputation and market position in a key corridor. I'll approach this problem systematically, focusing on identifying the root cause, validating hypotheses, and developing both immediate and long-term solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the transaction flow, I'm wondering about the specific point of failure. Are the transactions failing at the initiation stage on WorldRemit's side, during the transfer process, or at the receiving bank in Nigeria?

Why it matters: Pinpointing the failure point is crucial for narrowing down potential causes. Expected answer: Transactions are failing at the receiving bank stage. Impact on approach: If true, we'd focus more on partner bank relationships and local regulations.

• Considering recent changes, has there been any significant update to our payment processing system or integration with Nigerian banks in the past month?

Why it matters: System changes often correlate with performance issues. Expected answer: A new API version was implemented for Nigerian bank connections. Impact on approach: This would shift our focus to technical integration and compatibility issues.

• Examining user segments, are we seeing this increase in failed transactions across all user types, or is it more prevalent among certain groups (e.g., first-time users, high-value transfers)?

Why it matters: Segmentation helps identify if the issue is universal or specific to certain user behaviors or transaction types. Expected answer: The issue is more common with high-value transfers. Impact on approach: We'd investigate potential regulatory or fraud prevention triggers for larger amounts.

• Regarding the time frame, when exactly did we start noticing this increase in failed transactions, and has the trend been consistent since then?

Why it matters: Understanding the timeline helps correlate the issue with potential external or internal changes. Expected answer: The issue started two weeks ago and has been consistent since. Impact on approach: This would prompt us to investigate any changes or events that occurred around that time.