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.
Source: saharareporters.com