30 results
- 16 Apr 2021
NIBSS Approves Standard Guidelines for BVN Matching System
The Nigeria Interbank Settlement System (NIBSS) has issued approved standard operating guidelines for Bank Verification Number (BVN) matching system, mainly for a harmonized way of verifying…
- 13 May 2017
Nigeria Interbank Rate Jumps after CBN Liquidity Mop-Up
Nigeria's overnight interbank lending rate rose sharply to 29.5 percent on Friday, up from 19 percent last week, after the Central Bank of Nigeria (CBN) sold treasury bills to soak up liquidity from…
- 1 Jul 2019
FG Launches New Tax ID, Widens Dragnet
Federal Government has directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax…
- 28 Oct 2019
Angst as CBN, NIBSS Slam N50 Charge on PoS Transactions
Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) may have begun charging N50 for Point of Terminal (PoS) transactions with some angry Nigerians questioning the…
- 24 Mar 2021
Telcos Reject Demand by Banks for SIM Swap List
Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), has asked telecommunication companies, to submit lists of SIM Swap customers to Nigeria Interbank Settlement System (NIBSS) for…
- 14 Oct 2021
CBN Asks Banks to Report Dead Customers’ BVN to NIBSS within 24hrs
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of all dead customers to Nigeria Interbank Settlement System (NIBSS) within…
- 13 Apr 2025
NIBSS Heads to Court to Recover N4Bn Lost due to System Glitch
Nigeria Inter-Bank Settlement Systems (NIBSS) PLC has approached a Federal high court in Lagos to salvage the sum of N4.1 billion vanished from it coffers due to system glitch. NIBSS filed the suit…
- 24 Jan 2021
Revised Cheque Book Becomes Fully Operational April 1- CBN
Central Bank of Nigeria (CBN) has advised all Deposit Money Banks (DMBs) accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), to enlighten their customers on…
- 3 Jul 2020
Banks Open 35m Accounts in 5 Months Despite COVID-19
Bank accounts in Nigeria have risen by 35 million between January to May 30th, 2020, data hosted on the website of the Nigeria interbank Settlement system (NIBBS) has revealed. A breakdown of the…
- 17 Apr 2014
NIBSS Offers Cash Back Reward to Increase Use of PoS
Nigeria Interbank Settlement System (NIBSS) is offering electronic cardholders in the country cash back of 50 kobo for every N100 spent in the use of e-payment cards to pay for goods and services on…
- 21 Nov 2013
Transactions over NEFT Hit N11.6Tri in 10 Months
Nigerians that make use of Nigeria Inter-Bank Settlement System (NIBSS) Electronic Funds Transfer (NEFT) system to send money transferred over N11.63 trillion between January and October this year,…
- 24 Jan 2025
NIMC, NIBSS, Others Roll out Digital Cards with Multiple Wallets
National Identity Management Commission (NIMC), Nigeria Interbank Settlement Systems (NIBSS), AfriGO and other stakeholders are set to roll out digital cards with multiple wallets to drive financial…
- 25 Oct 2015
5 Days BVN Deadline, Banks Enrol 21m Customers
Nigeria Interbank Settlement System (NIBSS) said that about 21 million bank customers have enrolled for the Biometric Verification Number (BVN), five days to the October 31st deadline for…
- 1 Jan 2020
Banks instant payments hit 1.65m New Year’s Day
Bank customers carried out over 1.65 million transactions on Nigeria Interbank Settlement System (NIBSS) Instant Pay platform on New Year’s Day. Live updates provided by the NIBSS stated that as of…
- 5 Oct 2025
NIBSS Targets Zero Transfer Fees on Instant Payments by 2026
Nigeria’s Interbank Settlement System (NIBSS) has unveiled plans to eliminate transfer fees on its NIBSS Instant Payment (NIP) platform by 2026, a move designed to accelerate the country’s transition…
- 2 Oct 2017
CBN Halts SMS Charges on Bulk Transfers
Money deposit banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS). The RTGS is an interbank funds transfer system on…
- 19 May 2013
Cheque Truncation, NEFT Battle for Life
The cheque truncation system of the Central Bank of Nigeria (CBN) is threatening the life of Nigeria Electronic Funds Transfer (NEFT) system, an irrevocable fund transfer instruction because the…
- 23 Nov 2023
FintechNGR Takes Center Stage at Singapore FinTech Festival 2023, Concretizing Global Collaborations
FintechNGR, the umbrella body for fintech players, pioneer and leading Fintech Association in Africa, proudly spearheaded the Nigeria delegation alongside esteemed partners Nigeria Interbank…
- 13 Sept 2024
CBN Orders PoS Operators to Route all Transactions through NIBSS or UPSL
Central Bank of Nigeria (CBN) has announced new regulations for processing Point of Sale (PoS) transactions across the country, directing that all POS transaction are to be routed wither through the…
- 11 Jan 2024
NIBSS Achieves 60.2m BVN Registration as January 31st Deadline Nears
The Nigerian Interbank Settlement System (NIBSS), registration data shows that over 60.2 million Nigerians now have a BVN as the expiration of the Central Bank of Nigeria, CBN, deadline for all bank…
- 15 Oct 2025
E-Payment Transactions Drop 1.21% To N107.56trn in September
The value of transactions through electronic payment (e-payment) channels in the country fell by 1.21 percent, or N1.32 trillion, to N107.56 trillion in September 2025 from N108.88 trillion in the…
- 25 Apr 2019
Reps Probe NIPOST, CBN over Stamp Duties Collections
House of Representatives on Thursday resolved to investigate the Nigerian Postal Services (NIPOST), the Central Bank of Nigeria (CBN) and commercial banks over allegation of unremitted stamp duty…
- 22 Oct 2017
Court Asks FG to Take over Bank Accounts without BVN
Bank account owners who are yet to have a Bank Verification Number (BVN) run the risk of forfeiting their money to the federal government within the next two weeks unless they can justify their…
- 12 Sept 2024
CBN Directs Payment Service Providers to Tracking POS Transactions
Central Bank of Nigeria (CBN) has issued a new directive mandating that all Point-of-Sale (PoS) transactions at merchant and agent locations, whether physical or electronic, must be routed through a…
- 26 Feb 2019
Accounts Linked to BVN Hit 37m
Nigeria Inter-Bank Settlement System Plc (NIBSS) records have shown that about 36.8 million bank accounts have been linked to the Bank Verification Number (BVN) as of February 17 this year. …
- 19 Oct 2017
BVN: CBN Orders Banks to Keep Database of Fraudulent Customers
The Central Bank of Nigeria (CBN) yesterday directed banks to establish a database of their customers identified through their Bank Verification Numbers (BVNs) to be involved in a confirmed…
- 23 Apr 2019
PoS Innovation Summit to Drive Agency Banking
The Fintech industry in Nigeria is warming up for yet another round of electrifying discourses at the PoS Innovation Summit scheduled to hold on Tuesday, May 7, 2019 at The Wheatbaker, Ikoyi. The…
- 8 Aug 2019
NIBSS Says There are 38m Bank Accounts in Nigeria
The number of bank accounts in Nigeria has hit 36 million, as Bank Verification Number (BVN) enrolment in the country increased to 38,696,142, according to figure released by the Nigeria Interbank…
- 25 Jul 2025
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m
Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS). The figure represents a sharp year-on-year increase…
- 13 Mar 2024
Reps Ask CBN to Restrain Banks from Holding Customers’ Reversed Funds
House of Representatives has urged the Central Bank of Nigeria (CBN), to direct banks to work on their systems to mitigate failed transactions and immediately reverse failed transactions without the…