Stay updated with breaking news from Permissible Services. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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.
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.