Central Mandate Mgmt. Sys.
Central Mandate Management System (CMMS) is introduced by NIBSS Plc to address the problems and challenges faced by Banks, and Utility Service Providers(PayTV, Leasing, insurance companies, etc.) in the settlement of bills by subscribers.
It has been established as a central electronic repository of signed Direct Debit mandates of Bank customers, who are also subscribers of Utility service companies otherwise called Billers. This new system enables Billers to process bill payments effortlessly and in a cost-effective manner, while providing electronic payment convenience for bank customers. With CMMS, banks are also able to provide modern bill payment support for their respective corporate and individual customers.
The Central Mandate Management System is designed to aid the successful implementation of the Central Bank of Nigeria’s Guidelines on Nigeria Direct Debit Scheme (GNDDS) referenced BOD/DIR/GEN/CIR/01/025A released and published on February 18, 2010.
All the 24 Deposit Money Banks have accepted the Central Mandate Management System as an initiative that would complement the CBN’s effort at improving the adoption of Direct Debit payment system in Nigeria. A bank executive recently noted that this is a move in the right direction by NIBSS towards propelling electronic payments especially automated direct debit in Nigeria to the next level of acceptance and efficiency desired to further make the Nigeria financial system more cash less.