NIBSS Instant Payment

The evolution of technology : Give your customers a faster and more efficient account number base, online real-time Electronic Funds Transfer (EFT) platform with Transaction Status Query (TSQ) offering. Available on multiple channels.

Payment Services

NIBSS Instant Payment

NIBSS Instant Payments (NIP) is an efficient person to person; a person to business; business to business funds transfer service that guarantees instant value to beneficiaries

Lightning speed transfers

Unique Value Proposition

NIP is Nigeria’s first, most efficient and reliable real-time funds transfer service.
NIP can be seamlessly integrated to the channels of financial institutions

Touch Points

Mobile & Internet Banking, POS & ATM
USSD
Web and internet platforms
Agent and third party channels

How it works

NIP is an account-based, online real-time Electronic Funds Transfer (EFT) platform. It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels.

Features

Banks and OFIs
Fintechs and MMOs
PSSPs

Frequently Asked Questions (FAQs)

(1) What is the NIP Service?

NIBSS Instant Payments (NIP) is an account number based, online real – time electronic fund transfer (EFT) platform where delivery of transaction messages from the Sending Institution to the Receiving Institution takes place instantly. It enables financial institutions to provide instant funds transfer services and bill payments to their customers based on bank account numbers through all available electronic channels.

(2) Who are the users of the NIP Service?

All CBN licensed institutions have access to this service by NIBSS for different use cases

(3) What are the Services under NIP that customers can utilize?

NIP provides a number of APIs that allows customers to process instant payment transactions, such as:

Name Enquiry: enables the source institution validate the details of the beneficiary based on account number
Funds Transfer (Direct Credit): enables a sender to move funds from his/her own account into the account of the beneficiary
Funds transfer (Direct Debit): a standing order for sending debit instruction to a financial institution to debit its customer account for a scheduled payment
Transaction Status Query: enables the bank to query the status of a transaction sent earlier.
Balance enquiry: enables customers to get balances on their accounts.

(4) What is the maximum transaction amount on NIP and how can it be modified?

The transaction limit on NIP is implemented in accordance with the CBN regulatory guidelines on the subject matter. The maximum allowable value per transaction per financial institution will be maintained on the platform but each participant is expected to also comply with regulation on transaction limit.

(5) How Does Settlement Happen on the service?

NIBSS Instant Payment (NIP) is a Deferred Net Settlement (DNS) system where Funds are available online real-time in the beneficiary account before settlement.

There are currently 12 sessions of settlement for institutions on the NIP service.

(6) As a non-DMB institution how do I get settlement?

Settlement for institutions who do not have accounts at the Clearing house, Settlement is done by Settlement Banks.

Institutions are expected to open Settlement accounts and receive their settlements directly from their settlement banks, once Settlement has been processed by NIBSS in the specified window.

(7) What is a Settlement Bank?

For institutions who do not have accounts with CBN, they required to open an account with a DMB by depositing a collateral amount with the bank to enable them process transactions

(8) What is the pricing and income benefit for the bank?

NIP transaction fee is subject to approved pricing and shall be charged weekly against the accounts of participating institutions or their settlement bank. The Customer has the opportunity to mark-up pricing for their customers according to CBN guide to bank charges.