The Nigeria Interbank Settlement System (NIBSS) has directed Payment Terminal Service Providers (PTSPs) to begin recertification ahead of the Central Bank of Nigeria’s (CBN) October 31, 2025, deadline for the geotagging and geofencing of all point-of-sale (PoS) terminals nationwide. NIBSS, which oversees interbank settlements, electronic funds transfer, and terminal oversight across the country, said the […]
Point-of-sale (PoS) transactions in Nigeria jumped to N10.45 trillion in the first quarter of 2025, more than tripling the N3.62 trillion recorded in the same period of 2024. The latest figures, released by the Nigeria Inter-Bank Settlement System (NIBSS), show a 209 percent year-on-year surge—driven by rising adoption of electronic payments and a wider distribution […]
By Joy Obakeye Nigeria Inter-Bank Settlement System (NIBSS) data indicate that bank customers in Nigeria transferred a total of N2.1 trillion over mobile in November 2022. The November figure brought the total mobile inter-scheme transactions on the NIBSS platform to N16.9 trillion in the last 11 months. The value of transactions in November is also […]
Ladesope Ladelokun FirstBank of Nigeria Limited has announced its organisation of a Joint Seminar with sub-Saharan African Banking and Telecom Regulators to promote financial inclusion through digital innovations in sub-Saharan Africa. The event which was held in Lagos recently was themed “Advancing ePayment and Digital Innovations in Africa- Evolution of Nigeria’s Payment Systems.” The seminar […]
Total bank customers with Bank Verification Number (BVN) stood at over 33.95 million as at July 15, 2018, data obtained from the Nigeria Inter Bank Settlement System Plc (NIBSS) has revealed. This development simply means that 46.7per cent of the 72,696,254 active account holders have registered on BVN initiative of the Central Bank of Nigeria […]
The Nigeria Inter Bank Settlement System Plc (NIBSS) said over 30 million bank customers have been issued Bank Verification Number (BVN) as at August 13,2017. So far, NIBBS has issued 58 per cent BVN cards to 51.7 million total BVN accounts holders that have enrolled. NIBSS said total BVN accounts enrollment in January was at […]
Ecobank has joined a collaboration between the Nigeria Interbank Settlement Scheme, NIBSS and the four major telecommunications operators (Etisalat, MTN, Airtel and Globacom), to offer a new mobile money payment solution, mCash. The new mobile payment solution enables easy payments using the mobile phone of account holders. It facilitates low value retail payment and […]