30 results
- 3 Jan 2013
NIBSS Processes 2m Transactions in November
Nigerian Interbank Settlement Systems (NIBSS) recorded over 2 million successful Point of Sale (PoS) transactions valued at N38.6 billion for the year ended November 2012. NIBSS was in November 15,…
- 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…
- 21 Mar 2019
NIBSS Extends POS Transaction Timeout to 45 Seconds
Nigerian Interbank Settlement System (NIBSS) has extended Point of Sale (POS) transactions timeout from 15 second to 45 seconds. Niyi Ajao, NIBSS acting managing director, who disclosed this…
- 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…
- 2 Mar 2015
FIRS, NIBSS, Systemspecs Sensitise Taxpayers on eFiling
Federal Inland Revenue Service (FIRS), the Nigerian Interbank Settlement System (NIBSS) and Systemspecs Limited, have jointly organised a stakeholders' forum as part of efforts to create awareness on…
- 30 Jun 2021
Banks Clear Cheques Worth N246.Bn in May- NIBSS
Banks in the country cleared cheques valued at N246.62 billion in the month of May, according to the data released by the Nigerian Interbank Settlement System (NIBSS) Plc. The figure is N2.92 billion…
- 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…
- 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…
- 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…
- 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,…
- 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…
- 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…
- 29 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…
- 2 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…
- 2 May 2024
Banks Close 2m Accounts over BVN, NIN, Others
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of…
- 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…
- 2 May 2023
CBN Says Only 57.4m of Nigeria's 200m People have BVN
Central Bank of Nigeria (CBN) has said that only 57.4 million out of over 200 million Nigerians have Bank Verification Number (BVN). The apex bank had partnered with the Nigerian Interbank Settlement…
- 15 Apr 2024
New National ID Card to Be Issued Via Banks- NIMC
National Identity Management Commission (NIMC) has said that the planned national ID card will be issued to applicants by their banks. NIMC said it is working with the Nigerian Interbank Settlement…
- 3 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…
- 27 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. …
- 3 Feb 2017
CBN Threatens Sanctions on Banks for Clearing System Defaults
Central Bank of Nigeria (CBN) has unveiled sanctions that it suggests should be imposed on banks that flout the rules for clearing financial instruments in the country. The proposed sanctions are…
- 20 Jul 2015
Nigerian Banks Lose N199Bn to e-Fraud
Nigerian banks have lost a total of N199 billion to e-fraud between 2,000 and 2014, mostly due to inappropriate and reckless management of customers’ data, according to a report by the Leadership…
- 5 Feb 2019
Nigerians Abandon 47m Banks’ Accounts as Economy Worsens
More Nigerians are abandoning their banks' accounts majorly due to economic hardship caused by sluggish economic growth, rising job losses and reduction in purchasing power occasioned by double digit…
- 7 Jan 2017
Shortage of ATMs Hobbles Nigeria's Cash-less Initiative - NIBSS
Nigeria remains more than 40,000 short of the number of ATM installations needed to serve its 180 million citizens, but has "come a long way," according to a spokeswoman from the Nigerian Interbank…
- 9 Jul 2018
Mobile Banking Fraud: MAXUT, OneSpan Hold 3rd Banking Security Summit
OneSpan, in collaboration with MAXUT Consulting, recently held its 3rd Annual Banking Security Summit. This followed the growing fraud trends in mobile banking and payments around the world,…
- 20 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…
- 30 Mar 2023
Access Bank partners AfriGOpay to boost Nigeria’s payment ecosystem
Access Bank in partnership with AfriGOpay, has launched the first national domestic card designed to meet the needs of the Nigerian payment industry. Mr Victor Etuokwu, Deputy Managing Director,…
- 25 Nov 2024
Nigerians to Use NIN Cards for Payments, Cash Withdrawals — NIMC
National Identity Management Commission (NIMC) has said that the new National Identification Number (NIN) card can be used by Nigerians for financial transactions including payments and cash…
- 18 Nov 2019
PoS Innovation Summit Focuses on African Continental Free Trade Agreement
One of Africa’s leading e-payment companies, Global Accelerex, is set to host the 7th Edition of its PoS Innovation Summit on December 11, 2019 at the Grand Ballroom of Eko Hotel & Suites,…
- 9 Apr 2024
NIMC’s Proposed National ID Gets Cold Reception
Federal government recently announced plans to launch three new national identity cards in May, targeting 104 million citizens. This initiative is part of a broader effort to establish a unified and…