Banks to disconnect non-deposit financial institutions from money transfer channels
Excerpt
Stay updated with breaking news from Electronic Payment. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment
Nigerian banks have received a circular from the Nigeria Interbank Settlement System Plc (NIBSS) instructing them to remove non-deposit-taking financial
Banks have been asked to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System.