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nigeria

    All eNaira NIBSS Instant Payment (NIP) Nigeria Mobile Money

Report Year

2025

    eNaira

  • Geographic Reach

    Nigeria

  • Gender disaggregated data

    No

  • Geographic Region

    West Africa

  • Coverage

    Domestic

  • Year Of Establishment

    2021

  • IPS

    Sovereign currency

  • Interoperability Arrangement

    Bilateral

  • Governance Typology

    Central bank led

  • Ownership Model

    Regulator-owned

  • System Owner

    Central Bank of Nigeria

  • Overseer

    Central Bank of Nigeria

  • System Governance

    Central Bank of Nigeria

  • Operator

    Central Bank of Nigeria

  • Settlement Agent

    Central Bank of Nigeria

  • Number of Unique IPS End Users

    -

  • Total Number Of Participants

    -

  • Number Of Direct Participants: Commercial Banks

    -

  • Number Of Direct Participants: E-money Issuers

    -

  • Number of Direct Participants: MFIs

    -

  • Number of Direct Participants: Other

    -

  • Number of Direct Participants: Post Office

    -

  • Indirect Participants Type

    -

  • Number Of Indirect Participants

    -

  • Supported Use Cases

    P2P, P2B , P2G , B2B, B2P, Cross border

  • Supported Instruments

    CBDC

  • Primary Local Channel

    App

  • Supported Channels

    Browser, App, POS, NFC, QR Code, USSD , Agent (e-money), Agent (banking)

  • QR Code Enabled Type

    -

  • Messaging Standard

    Proprietary

  • Proxy ID

    QR code, Bank account number

  • Other Proxy ID Type

    -

  • Business Model

    -

  • Pricing Structure

    -

  • Scheme Rules Public

    Yes

  • Additional Recourse Requirements

    Yes

  • Dispute Resolution Mechanism

    -

  • API Functionality

    Yes

  • Startup Funding Source

    -

  • Participation in Decision Making

    -

  • Mechanism for Decision Making

    -

  • Ability to become Direct Participants

    Yes

  • Entities that cannot Participate

    -

  • Min Value for Transactions

    -

  • Corporate Structure

    -

  • Other Corporate Structure

    -

  • Pull Request to Pay Enabled

    -

  • Third Party Connections Enabled

    -

  • Real Time Payment Confirmation

    -

  • Transaction Validation Enabled

    -

  • Inclusivity Ranking

    Basic

    • NIBSS Instant Payment (NIP)

  • Geographic Reach

    Nigeria

  • Gender disaggregated data

    Yes

  • Geographic Region

    West Africa

  • Coverage

    Domestic

  • Year Of Establishment

    2011

  • IPS

    Cross-domain

  • Interoperability Arrangement

    Multilateral

  • Governance Typology

    Public Private Partnership (PPP)

  • Ownership Model

    Jointly owned

  • System Owner

    Cental Bank of Nigeria and commercial banks

  • Overseer

    Central Bank of Nigeria

  • System Governance

    Central Bank of Nigeria and commercial banks

  • Operator

    NIBSS

  • Settlement Agent

    Central Bank of Nigeria

  • Number of Unique IPS End Users

    57725748

  • Total Number Of Participants

    699

  • Number Of Direct Participants: Commercial Banks

    29

  • Number Of Direct Participants: E-money Issuers

    -

  • Number of Direct Participants: MFIs

    -

  • Number of Direct Participants: Other

    -

  • Number of Direct Participants: Post Office

    -

  • Indirect Participants Type

    Microfinance Banks 541, Mobile Money Operatorsn10, Payment Service Banks 5. Primary Mortgage Banks 20, Development Finance Institutions2, Other Financial Institutions 92

  • Number Of Indirect Participants

    670

  • Supported Use Cases

    Cross border , P2G , P2B, P2P, B2B, G2P, B2P

  • Supported Instruments

    Credit EFT, Debit EFT, E-money, CBDC

  • Primary Local Channel

    USSD

  • Supported Channels

    USSD, Agent (e-money), Agent (banking), App, Browser, QR Code, POS, ATM

  • QR Code Enabled Type

    Both

  • Messaging Standard

    Proprietary

  • Proxy ID

    Bank account number, QR code

  • Other Proxy ID Type

    -

  • Business Model

    Not-for-loss

  • Pricing Structure

    NIP has a flat fee of N3.75k per transaction to financial institutions However, the financial institutions charge the final end – users as follows: • N50 per transaction – for transactions greater than N50,000 in value • N25 per transaction - for transactions greater than N5,000 in value • N10 per transaction - for transactions less than N5,000 in value

  • Scheme Rules Public

    Yes

  • Additional Recourse Requirements

    Yes

  • Dispute Resolution Mechanism

    Yes

  • API Functionality

    Yes

  • Startup Funding Source

    NIP was developed in-house

  • Participation in Decision Making

    Yes

  • Mechanism for Decision Making

    The NIBSS Board comprises one Deputy Governor from the Central Bank (In Charge of Financial System Stability) and CEOs of Deposit Money Banks as Non Executive Directors - In addition NIBSS leverages Focus Group Meetings & regular Industry Engagement Sessions to ensure effective participation in decision making across all participants in the system

  • Ability to become Direct Participants

    No

  • Entities that cannot Participate

    Payments Terminal Service Providers (PTSP), Payment Solution Service Providers (PSSP), Switches, Mobile Money Operators, Microfinance Banks, Payment Service Banks, Mortgage Banks

  • Min Value for Transactions

    N1.00

  • Corporate Structure

    Other

  • Other Corporate Structure

    Public Limited Company

  • Pull Request to Pay Enabled

    Yes

  • Third Party Connections Enabled

    Yes

  • Real Time Payment Confirmation

    Yes

  • Transaction Validation Enabled

    Yes

  • Inclusivity Ranking

    Mature

    • Nigeria Mobile Money

  • Geographic Reach

    Nigeria

  • Gender disaggregated data

    No

  • Geographic Region

    West Africa

  • Coverage

    Domestic

  • Year Of Establishment

    2013

  • IPS

    Mobile-money

  • Interoperability Arrangement

    Bilateral

  • Governance Typology

    Public Private Partnership (PPP)

  • Ownership Model

    Jointly owned

  • System Owner

    NIBSS

  • Overseer

    Central Bank of Nigeria

  • System Governance

    NIBSS

  • Operator

    NIBSS

  • Settlement Agent

    Central Bank of Nigeria

  • Number of Unique IPS End Users

    -

  • Total Number Of Participants

    -

  • Number Of Direct Participants: Commercial Banks

    -

  • Number Of Direct Participants: E-money Issuers

    -

  • Number of Direct Participants: MFIs

    -

  • Number of Direct Participants: Other

    -

  • Number of Direct Participants: Post Office

    -

  • Indirect Participants Type

    -

  • Number Of Indirect Participants

    -

  • Supported Use Cases

    P2P, P2B

  • Supported Instruments

    E-money

  • Primary Local Channel

    USSD

  • Supported Channels

    USSD

  • QR Code Enabled Type

    -

  • Messaging Standard

    -

  • Proxy ID

    -

  • Other Proxy ID Type

    -

  • Business Model

    -

  • Pricing Structure

    -

  • Scheme Rules Public

    -

  • Additional Recourse Requirements

    -

  • Dispute Resolution Mechanism

    -

  • API Functionality

    -

  • Startup Funding Source

    -

  • Participation in Decision Making

    -

  • Mechanism for Decision Making

    -

  • Ability to become Direct Participants

    -

  • Entities that cannot Participate

    -

  • Min Value for Transactions

    -

  • Corporate Structure

    -

  • Other Corporate Structure

    -

  • Pull Request to Pay Enabled

    -

  • Third Party Connections Enabled

    -

  • Real Time Payment Confirmation

    -

  • Transaction Validation Enabled

    -

  • Inclusivity Ranking

    Basic