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 company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits. NIBSS at the instance of the Bankers’ committee has acquired cutting edge technologies for the operation of the Nigeria Central Switch (NCS).
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.
In view of the specialized nature of our services, we have set up a well equipped and appropriately manned, modern training infrastructure to provide e-payment training/research services for the financial system.
The leading provider of innovative services.
Providing efficient services for growth and value delivery relying on competent and motivated people.
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 i.e.
- 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 generally.
The Nigeria Inter-Bank Settlement System Plc (NIBSS) was set up by the decision of the Bankers Committee in 1992, as a Shared-Service infrastructure for facilitating payments finalities, streamlining Inter-bank payments and settlement mechanisms, to drive and promote Electronic Payments across the Nigerian Financial Industry.
Incorporated in April 1993 it commenced operations in June 1994 by deploying state of the art technologies to complement the Central Bank of Nigeria (CBN) payment activities and has since driven and contributed immensely to the growth of the Nigerian Payments System. Nigeria Inter-Bank Settlement System Plc (NIBSS) continues to drive collaboration with all Nigerian Banks, Card schemes, Processors, Payment Terminal Service Providers (PTSPs), Mobile Money Operators (MMO), Telecommunication providers and other Payment Service providers to improve adoption of Electronic Payment in Nigeria.
Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. The Board consists of the Deputy Governor, Financial System Stability, Central Bank of Nigeria, as the Chairman and Representatives of the stipulated Banks.