nigeria interbank settlement systems

Bank customers experienced 278,966 failed electronic payment transactions on the Nigeria Interbank Settlement System Instant Pay platform on Tuesday. The NIP, an online real-time product that facilitates instant payment of bills on accounts, as of 5.40pm on Tuesday, recorded a total volume of...

As part of efforts to aggressively accelerate financial inclusion in the country, the Central Bank of Nigeria (CBN), the Nigeria Interbank Settlement System (NIBSS), commercial banks and mobile operators are currently working on modalities to take the Bank Verification Number (BVN) enrolment to...

From November 2017, the federal government may take over funds kept in accounts without bank verification number (BVN). An Order papers seen by TheCable show that 19 banks across the country were given an ultimatum of 14 days to advertise accounts without BVN in a national newspaper. The order...