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Banks To Disconnect Non-Deposit Financial Institutions From Transfer List

December 07, (THEWILL) - The Nigeria Inter-Bank Settlement System (NIBSS), has directed banks to disconnect all non-deposit financial institutions from its transfer list. The NIBSS disclosed this in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. According to the national payment infrastructure company, the listing of non-deposit-taking financial institutions as beneficiaries contravenes
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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.
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