THUR, DEC 07 2023-theGBJournal|The Nigeria Inter-Bank Settlement System (NIBSS) has directed banks to delist Payment Solution Service Providers (PSSIs), Switches and Super Agents (SAs) from its outward payment or transfer list.
”For clarity, Switches, PSSPs and SAs may process outward transfers as inflows to banks but are not to receive inflows as their licences do not permit them to hold customers’ funds,” NIBSS said in a circular released on December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks.
This directive effectively excludes Fintechs or payment companies from NIBSS Instant Payments platform as banks capable of receiving deposits.
It means also that Fintechs would no longer appear in the lists of banks including Microfinance bank, mobile operator and commercial banks that can receive deposits.
”Consequent on the above, kindly delist all Switches, PSSPs and SAs from your NIP Outward Transfer channels only (not outwards) NIBSS advised.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
