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Tag: NIBSS

Business

NIBSS unveils advanced digital platform to modernise, enhance payments

The Nigeria Inter-Bank Settlement System has launched the National Payment Stack, a new digital infrastructure designed to modernise and enhance instant payments nationwide. Building on the foundation of the NIBSS Instant Payments platform introduced 14 years ago—the first real-time, account-based payment system in Africa—the NPS aims to deliver faster, more secure, and scalable digital transactions […]

News

NIBSS enhances NQR payment system for faster, secure digital transactions

The Nigeria Inter-Bank Settlement System has introduced major enhancements to its Nigeria Quick Response payment system, aimed at improving digital transactions for businesses and individuals nationwide. The MD/CEO of NIBSS, Premier Oiwoh, highlighted the system’s advanced capabilities, emphasizing its potential to transform payments. With instant processing and immediate settlement, NQR ensures faster, more efficient, and […]

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 - NIBSS
News

Nigeria’s e-payment transactions hit N1.07quadrillion in 2024

Electronic payment transactions in Nigeria soared to N1.07 quadrillion in 2024, marking a historic milestone as the first time the country has reached the quadrillion mark. Data from the Nigeria Inter-Bank Settlement System reveals that the value of transactions on the NIBSS Instant Payment platform surged by 79.6%, compared to N600 trillion in 2023. The […]

News

E-Payment transactions reach N89.5tn in July 2024 – NIBSS

The Nigeria Inter-Bank Settlement Systems has announced that Nigerians spent a total of N89.5 trillion through electronic channels in July 2024. This significant figure underscores the growing reliance on digital transactions among consumers and businesses, reflecting a broader trend towards cashless payments in the country, according to Nairametrics. According to the latest e-payment data, the […]

News

Firm, NIBSS partner to enhance PoS transactions

The Nigeria Inter-Bank Settlement System and Zone Payment Network Limited, formerly Appzone, have partnered to improve point-of-sale transactions across the country. The statement on Tuesday, states that the partnership will use blockchain technology to expedite the payment value chain in an effort to transform Nigeria’s payment landscape, according to The Punch. It added that the […]

News

E-Payment transactions surged 89% to N257.7tn in Q1’24

Electronic payment transactions in Nigeria rose by 89 percent to N257.73 trillion in the first quarter of 2024. This was disclosed by the Nigerian Interbank Settlement System’s latest report released on Monday, according to Vanguard. There are indications that Nigerians are beginning to embrace more of the Electronic payment channels options, as the value of […]

Active Nigerian bank accounts hit 151 million - NIBSS
Banking

Active Nigerian bank accounts hit 151 million – NIBSS

The number of active bank accounts in Nigeria witnessed a 13% growth, reaching a total of 151 million in 2022, compared to the 133.5 million active bank accounts recorded in 2021, as reported by the Nigeria Inter-Bank Settlement System. According to the NIBSS data, individual accounts accounted for 96.6% of the active bank accounts, totaling […]

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 - NIBSS
Banking

NIBSS suffers downtime, bank transactions affected

Alex Omenye   The Nigeria Inter-Bank Settlement System on Saturday encountered downtime, causing distress among bank customers grappling with transfer errors and failed transactions.   Screenshots purportedly from different banks circulated, underscoring the challenges faced by NIBSS, the pivotal settlement partner for all banks.   Messages such as “NIBSS, the settlement partner for all banks, […]

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 - NIBSS
Tech

Opay, Palmpay, others facilitate N46.6trn transactions in 2023 – NIBSS

In 2023, mobile money operators such as Opay, Palmpay, and 15 others facilitated transactions totaling N46.6 trillion, as disclosed by the Nigeria Inter-Bank Settlement Systems. This figure marked the highest annual mobile money transactions in the country, showcasing a remarkable 140% surge from the N19.4 trillion recorded in 2022. The substantial increase in transaction value […]

FCTA reopens Garki Market after closure for inadequate sanitation
Business

FCTA reopens Garki Market after closure for inadequate sanitation

The Garki International Market in Nigeria has reopened after being closed last week due to inadequate sanitation and hygiene. The Federal Capital Territory Administration announced this in a press release on Wednesday. The market was reopened following a hygienic inspection by Senior Special Assistant to the FCT Minister on Monitoring Inspection and Enforcement, Mr. Ikharo Attah. Attah […]

The old 500 and 1000 naira noted
Business

Naira scarcity: Cashless transactions drop to N37.67tn

Cashless transactions which is also referred to as online transaction fell to N37.67tn in February 2023 because of delayed and failed money transfers. The new data accessed from the Nigeria Inter-Bank Settlement System on Monday by The Punch revealed it was a 4.83 per cent fall from the N39.58tn recorded in January. Despite the fact […]

PoS transactions hit N8trn in 2022 - NIBSS
Banking

PoS transactions hit N8trn in 2022 – NIBSS

Recent data from the Nigeria Interbank Settlement System showed that the value of Point of Sale transactions in Nigeria has risen by 39 per cent to N8.03tn in 2022. According to The Punch, PoS transaction from July 2020 to Punch, PoS was estimated at N5.7trn, but between July 2021 and July 2022, it rose to […]

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