Automated Bulk Clearing Service

We leverage on NIBSS expertise in payments service provision and credibility in the Nigeria financial system to provide EFT services to corporate bodies and government agencies directly e.g.

• We have successfully processed the payment of the salaries of over 70,000 Federal Civil Servants located all over Nigeria, since 2007; we deliver payments seamlessly to these civil servants’ accounts kept in commercial banks and in other financial institutions i.e. mortgage banks and micro-finance banks. We employ our automated Direct Debit system to recover insurance premiums for insurance companies
• We process the payments of salaries and contractors for corporate entities e.g. the Central Bank of Nigeria
• Our processing bureau provides electronic payments services to a number of concentrators. These are ICT companies who deploy financial technology systems (such as payroll/personnel systems and Accounting systems) to corporates and government entities, and leverage on the NIBSS EFT system to deliver last-mile payment services to their respective clients.

NIBSS has a subsisting service agreement with the Mortgage Banks Association of Nigeria (MBAN) to provide electronic payments services to their over 90 member organizations i.e. Primary Mortgage Institutions (PMIs). Under this agreement, NIBSS has deployed a secure electronic payment system which facilitates PMI-to-PMI payments and PMI-to-Deposit-Money-Bank payments.

PMIs are able to employ this platform to provide electronic payment services to their respective individual and corporate customers – customer to customer transfers and automated direct credits.