By Peter Egwuatu
Six banks are set to roll out Nigeria Inter-Bank Settlement System Plc (NIBSS) ‘s Instant payment service, an account-number-based, online real time inter-bank funds transfer service, that will enable banks and other e-payment solution providers to provide faster and more convenient real-time payment services to their customers.
The banks are Guaranty Trust Bank Plc, Stanbic-IBTC Bank Plc, Zenith Bank Plc, Citibank Nigeria Limited, Diamond Bank Plc and Finbank Plc.
Information gathered revealed that the six banks have completed the test phase and are currently on the pilot run.
Access Bank Plc, First Bank of Nigeria Plc, Oceanic Bank Plc and Sterling Bank Plc have equally completed testing. Also Intercontinental Bank Plc, UBA Plc and Wema Bank Plc are in different stages of the testing exercise.
In the bid to enhance bank services and customers of e-payment services, NIBSS introduced the “NIBSS Instant Payments (NIP) “,
NIBSS Instant Payments (formerly called NIBSS Faster Payments), facilitates (Direct Credit and Direct Debit) electronic fund transfers based on bank account numbers, through Bank Teller Points, Internet Banking, Mobile Phone, e-Commerce and other modern service delivery channels. It provides security, ease of use, accessibility, convenience and efficient settlement and reconciliation functionalities.
Commenting on the NIP innovation the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc (NIBSS), Mr. Paul Lawal stated that “We are fast growing and always committed to render better value proposition that will comply with international best practices.
NIBSS services are intended to make Nigerian banking service delivery internationally competitive in terms of security of data and data traffic from sending bank to NIBSS and ultimately to beneficiaries’ bank account. This is an innovative e-payment product which was developed in-house by NIBSS relying on internationally tested development tools.
This new service will enhance financial inclusion and ease banking service delivery to teeming Nigerian banks’ customers and it is my firm belief that it will accelerate the growth of the Nigerian financial system and the Nations economy.”
The General Manager Operations of Nigeria Inter-Bank Settlement System (NIBSS), Mr. Niyi Ajao, in his own remark affirmed that the product is open to all financial institutions who one way or the other render funds transfer services to their customers.
He stressed that “we have been so concerned about the yearnings of the market for highly secure On-Line Real-Time, Account number based fund transfer services and that is why we have introduced “NIBSS Instant Payment” which allows inter- bank transfers based on bank accounts rather than cards.
He further stated that NIP has multi-layer security mechanisms embedded to give rest of mind to all stakeholders. NIP enables the banks and other payment service providers to deliver excellent electronic fund transfer services to all categories of customers – individuals, businesses, and government agencies.”
He further explained the “NIP is made possible by the operational Nigeria Central Switch (NCS) which all licensed banks have jointly established, and as such has a robust and tested automated reporting, dispute resolution, and settlement mechanisms.”