NIBSS

#Bank Transfer

NIBSS (Nigeria Inter-Bank Settlement System) is an interbank payment company in Nigeria. It was established in 1993 as a subsidiary of the Central Bank of Nigeria (CBN) and licensed […]

Certified payment providers 1
Market coverage 1
  • Nigeria
Currencies 1
  • Nigeria Naira
Description

NIBSS (Nigeria Inter-Bank Settlement System) is an interbank payment company in Nigeria. It was established in 1993 as a subsidiary of the Central Bank of Nigeria (CBN) and licensed commercial banks in Nigeria.

NIBSS is responsible for managing the electronic payment infrastructure in Nigeria. Its primary objective is to promote efficiency and security in electronic payments within the country. It facilitates interbank transactions and provides a platform for online payment services, fund transfers, real-time payments, salary payments, bill payments, and other related services.

The NIBSS payment method is used to conduct electronic transactions in Nigeria. It enables individuals and businesses to securely and efficiently transfer money and make electronic payments. Users can make payments from their bank accounts using debit cards, credit cards, or other electronic payment methods.

NIBSS has implemented various products and services to facilitate electronic payments, such as the NIBSS Electronic Funds Transfer (NEFT), NIBSS Instant Payment (NIP), NIBSS Central Pay, NIBSS Automated Clearing System (NACS), and other electronic payment solutions.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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