Nigerian Government Directs Commercial Banks To Remove Non-Deposit Financial Institutions From Fund Transfer Channels
The Nigerian government through the Nigeria Inter-Bank Settlement System (NIBSS) has asked banks to delist Payment Solution Service Providers, Switches, and Super Agents from its outward payment or transfer list. This directive is contained in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to all banks. According to NIBSS the listing of non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.
Pemier Oiwoh Ngover Ihyembe Nwankwo Central Bank Permissible Services Payment Service Banks Payment Solution Service Providers
Source: saharareporters.com