Email YouTube Facebook Instagram Twitter

NIBSS pays N400m in ‘cash-back’, plans awards

By Chijioke Nelson   |   24 February 2016   |   3:30 am

NIBSSThe Nigeria Interbank Settlement System (NIBSS) has said that it recorded a N400 million payment as cash-back to the users of Point of Sales (PoS) terminals in 2015.

The cash-back scheme was introduced in 2014 as an incentive for customers to use their cards for payments, as well as drive the usage of PoS. This involved the payment of 40 per cent of the 1.25 per cent that merchants were charged for operating the PoS.

On the other hand, four banks were sanctioned last year for non-reversal of dispense error within the specified 48-hour timeframe given by the Central Bank of Nigeria (CBN).

While speaking at a press conference organised by NIBSS, an Assistant Director in-charge of Payment Policy and Oversight, Banking and Payment System, CBN, Shola Agboola, noted that the following the issuance of the circular directing banks to install and optimize the auto reversal solution, the apex bank found four banks wanting.

“When we carried out our oversight function on the banks to ensure that they have done what they were asked to do, four banks were penalized for non-compliance. A situation whereby customers will have a problem and complain to banks and will not be attended to can no longer continue,” he said.

Meanwhile, in conjunction with CBN, will be recognizing banks, payment service providers and PoS merchants that have distinguished themselves in promoting the electronic payments.

The maiden edition of the awards, which is planned to become a yearly event, will hold tomorrow.

The Executive Director, Business Development, NIBSS, Mrs. Christabel Onyejekwe, noted that the payment of cash-back, which ended in December 2015, will be replaced with the loyalty scheme, which will give out points for PoS usage and redeemed at a specified period.

She noted that of the 120,000 PoS terminals in the country, about 100,000 are connected to the NIBSS platform while only 62,000 are active.




  • Yemi Amodu

    Sterling Homes ltd selling Plots and Acres of Land at Lekki,
    Hebron Garden Estate

    Hebron garden estate is owned by Sterling homes Ltd and it’s
    completely free from “omo-onile” and government acquisition. Land
    mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
    about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
    zone. There are several notable Landmarks before the estate. These include, The
    Lagos Business School, Crown Estate, Farapark, Sapphire Garden, Green Springs
    School and Shares immediate environment with Mayfair Gardens and Beechwood
    Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
    #2.8m. *Easy Plan: ‎#3m. Spread #210,000 for 10months after the initial deposit
    of #900,000. Contact Yemi Amodu @ Sterling Homes LTD for site inspections and
    more information: Plot 2, River Valley Estate, Ojodu Berger. Mobile 08136119495

    Gibeon Park is located at gberigbe area of Ikorodu Lagos.
    The estate is situated off Ijede road gberigbe, close to Lagos State Model
    College, Igbokuta, Ikorodu lagos.,,,,.,.,

    The estate is fence and gated in a serene environment. Its
    neighborhood are, Egbin Power Plant, Metro-Ferry Jetty, wine factory, barachel
    Park Estate and numerous estate.

    For Full Plot (648sqm),

    Price: #600,000. Outright.

    Flex Plan: #150,000 initial deposit then spread #100,000 for
    6months at #750,000.

    Easy plan: #50,000 monthly for 17months at #850,000 or Get
    an instant allocation at #750,000 (50% of the total invoice then balance spread
    for 3months).

    For Half Plot (324sqm), Price: #350,000. Outright. TITLE:
    Global C of O governing the whole estate, Registered Survey and Approved Layout
    Plan. For more details, Contact Yemi Amodu at Sterling-HomesLtd and for site
    inspections while it’s still available.

    Office address: STERLING HOMES LTD; Plot 2, River Valley
    Estate, Ojodu Berger, Lagos.

    Mobile: 07084546154, 08136119495.

    Sterling Homes ltd selling Plots and Acres of Land at Havilah
    Park and Garden Estate, Mowe.

    This estate is more than 120 acres, located at Mowe, close
    to Redemption Camp Ogun State. A unique location, with easy access to Berger
    and Lagos-Ibadan expressway; it is estimated to be maximum of 6 minute drive to
    link Lagos-Ibadan Expressway. The estate is a product good thinking meeting
    opportunity. It is designed to satisfy the desire of the middle-class who loves
    aesthetics and splendor. Title on the Land: Registered survey and approved
    layout plan Infrastructure: – Perimeter Fencing – Sewage disposal system –
    Electricity – Ultra modern borehole – Recreational facilities. – Environmental
    Security – Good Road Network, etc Payment plan • Outright payment is 630,000 •
    Instalment payment is a deposit of 100k and balance spread for 20months at 30k
    monthly. For more enquiry Contact Yemi Amodu | Plot 2, River Valley Estate,
    Ojodu Berger |Mobile: 07084546154, 08136119495

    Moriah park is strategically situated within Ikorodu
    Lagos.The estate is located at Agbowa Ikorodu and just beside the Lagos state
    housing estate Ikorodu Lagos, popularly known as “Fashola Estate”. The land in
    the estate is measured 60 x 120ft with good topography. The land in this estate
    is free from omo onile activities and any known government acquisition. it’s
    owned by Sterling Homes LTD. This estate has good road network, a table land,
    and it’s motor-able during the rainy season. Electricity poles, borehole, has been
    provided within the estate in due time. Special feature also includes a free
    architectural design. The price is N1m outright for smart payment. For more
    enquiries and site inspections Contact Yemi at Sterling Homes LTD: Plot 2,
    River Valley Estate, Ojodu Berger. Mobile: 07084546154, 08136119495

You may also like