This article on Nigeria Inter-bank Settlement System is aimed at educating on it as another channel of funds transfer,?Each time you are in the bank to carry out funds transfer, you would often hear the bankers say, ‘NIBSS’ “oga please be patience o”,
NIBSS has not dropped the money yet, you know bankers with abbreviations, anytime you hear that again, just know they are referring to?Nigeria Inter-bank Settlement System
Lets take a look at what the?Nigeria Inter-bank Settlement System is all about and what they do.
Brief History of the Nigeria Inter-bank Settlement System
The Nigeria Inter-Bank Settlement System Plc (NIBSS) came to stay in 1992, the conclusion was made by the Bankers Committee,and so was?incorporated in?April 1993,
Full operations commenced in?June?1994.
Aim of NIBSS
a. facilitation of inter-bank payments
b. streamlining Inter-bank payments
b. streamlining Inter-bank payments
c. promotion of Electronic Payments across the Nigerian?money?trade.
d. deploying state of the art technologies?to enhance?the?central bank?of?Nigeria?(CBN)
payment activities
payment activities
e. vast contribution to?the expansion?of the Nigerian Payments System.
f. serving as Payment Terminal Service?providers?(PTSPs)
MODE OF OPERATION
NIBSS operation is supported with the best Information, Communication and Technology infrastructure for Automated On-line operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services.
How To Transfer Money Instantly With The?Nigeria Inter-bank Settlement System
First Step: Login to your Bank Online Platform
Second Step: Select the NIP Transfer option which is the Instant transfer platform.
Third Step: Follow the instructions based on your bank advise to complete the transaction.
Note: there is also an option for NEFT Transfer, this option is meant for the next day meaning if you use it your transaction will be consummated the next day, select the NIP option if you want an instant transfer
