NIBSS Instant Payments Service

November 11th, 2011

Lagos Nigeria; June 27 2011: In its bid to enhance improved service to bank customers and consumers of e-payment services, Nigeria Inter-Bank Settlement System Plc (NIBSS) has introduced the “NIBSS Instant Payments (NIP) “, an account-number-based, online real time inter-bank funds transfer service, that will enable banks and other e-payment solution providers to provide faster and more convenient real-time payment services to their customers.

NIBSS Instant Payments (formerly called NIBSS Faster Payments), facilitates (Direct Credit and Direct Debit) electronic fund transfers based on bank account numbers, through Bank Teller Points, Internet Banking, Mobile Phone, e-Commerce and other modern service delivery channels. It provides security, ease of use, accessibility, convenience and efficient settlement and reconciliation functionalities.

Six Banks, namely: Citibank Nigeria Limited, Diamond Bank Plc, Guaranty Trust Bank Plc, Finbank Plc, Stanbic-IBTC Bank Plc, and Zenith Bank Plc are ready for the roll-out of the service having recently completed the test phase and are currently on the pilot run. Access Bank Plc, First Bank of Nigeria Plc, Oceanic Bank Plc and Sterling Bank Plc have equally completed testing.