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Digital payment infrastructure to promote financial inclusion

Our Mandate


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


Partner to create value

Customer Focus 

Customer at the centre


Consistently improving


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


  • Establishment of Nigerian Interbank Settlement System


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


  • Definition of Guidelines for e-banking


  • New settlement framework for cheque clearing


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


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


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


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


  • 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


  • 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


Providing Efficient Services For Growth And Value Delivery Relying On Competent And Motivated People.


To Be The Leading Provider Of Innovative Financial Services In Nigeria.

Our Partners