NIBSS Instant Payment (NIP)
- Geographic Reach
Nigeria
- Gender
Yes
- Geographic Region
West Africa
- Coverage
Domestic
- Year Of Establishment
2011
- Ips Type
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 Participants2025
699
- Number Of Direct Participants Commercial Banks
29
- Number Of Direct Participants EMoney 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 Use Function
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
