Digital payment infrastructure to promote financial inclusion

Innovative Leadership, Nigeria Central Switch, Payment Terminal Service Aggregator & Nigeria Automated Clearing House

Our Mandate

About NIBSS

Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994.

NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.

The Board of Nigeria Inter-Bank Settlement System Plc (NIBSS) is composed of the Deputy Governor, Financial System Stability of the Central Bank of Nigeria as the Chairman, representatives of Banks as Directors, Executive Directors and the Managing Director/CEO, who heads Executive Management group of the organisation.

Nigeria Inter-Bank Settlement System Plc (NIBSS) operation is supported with the best Information, Communication and Technology infrastructure for Automated On-line operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services. Operational and Credit Risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.

Core Values

Collaboration

Partner to create value

Customer Focus

Customer at the centre

Innovation

Consistently improving

Integrity

Trustworthy & Reliable

Our Mandate

The scope of operation of Nigeria Inter-Bank Settlement System Plc (NIBSS) in the Nigerian financial sector is such that fulfills its mandate as enshrined in the company’s Memorandum and Article of Association

To carry on business as a service oriented institution that provides the mechanism for same day clearing and settlement of inter-bank transfers and payments
To provide infrastructure for the automated processing and settlement of transactions between banks acting on their own account as regards deposit placements, Treasury Bills Transaction, Naira settlement on inter-bank foreign exchange transactions
To initiate and develop an integrated nationwide network for the electronic or paperless payments, funds transfer and settlement of transactions.
To provide framework for elevating the level of efficiency in funds transfer services general

Evolution of Nigeria Payments System & Regulation

1993

Establishment of Nigerian Interbank Settlement System

2002

Full implementation and live operation of Nigeria Automated Clearing System(NACS)
Reduction of clearing cycle to T+3 (local) and T+5 (upcountry)

2003

Definition of Guidelines for e-banking

2004

New settlement framework for cheque clearing

2006

Implementation of RTGS System, Temenos T24
Establishment of National Central Switch(NCS)
Cheque Standard and Cheque Printers Accreditation

2007

Launch of Payments System Vision 2020(PSV 2020)
Launch of Payments System Vision 2020(PSV 2020)

2009

Issuance of Mobile Payment Regulatory Framework
Guidelines on Transaction Switching
Guidelines on Stored Value / Prepaid Cards
Establishment of Direct Debit Rule

2010

Directive enforcing a cheque cap of ₦10 million
Migration to EMV Cards
Guidelines on ATM Operations
Nigeria Uniform Bank Account Number(NUBAN)

2012

Introduction of charges on cash withdrawal / deposit charges above the cash – less policy threshold(Lagos)
Implementation of cheque truncation in Lagos
Reduction of clearing cycle from T + 2 to T + 1 in Lagos

2013

Nationwide implementation of Cheque Truncation
Reduction of clearing cycle to T + 1 from T + 2
₦150,000 limit on encashment of 3rd party cheques
Licensed 10 additional PTSPs
Compliance monitoring with Payment Card Industry Data and Security Standards(PCIDSS)
Issuance of Guidelines for the regulation of Agent Banking in Nigeria
Payment System Vision 2020 Release 2