NIBSS, government’s agent feud over $53b stamp duty claims
The School of Banking Honours (SBH) has expressed worry over lack of cooperation by the Nigerian Inter-Bank Settlement System (NIBSS) in efforts to recover about $53.3 billion unremitted stamp duty revenue on interbank electronic transactions by banks and other financial institutions.
CeBIH, stakeholders and financial inclusion’s digital drive
The quest to reduce the population of adult Nigerians outside the formal financial services requires alignment of digital payment strategies with the nation’s financial inclusion goals.
NIBSS, PFS launch national automated cheque clearing system
Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System (NACS), which allows all the Deposit Money Banks in the country to clear cheques within hours. The banks have been test-running the infrastructure for 11 weeks ago and a total of N5 trillion worth of…
NIBSS, banks, PFS partner on new clearing system, process N5tr cheques
The Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System...
Senate probes alleged non-remittance of N7tr stamp duty revenue
The Senate has mandated its committees on finance and banking, insurance and other financial institutions to investigate alleged non-remittance of stamp duty revenue in the last five years.
Court order on accounts without BVN
The court also compels the DMBs to, among other things, disclose the names of the accounts as operated; account number(s); outstanding balances; domiciliary accounts and branches/locations where the accounts without BVN are domiciled.
Settlement delays, inoperative issuers hobble pos penetration
Stakeholders in the electronic payment ecosystem have identified delay in settlements by some banks as well as issuers not being operative...
FG’s N-Power programme: Bogged by poor management, inexperience
Some systemic hiccups, including insufficient information and wrong Bank Verification Number (BVN) have been identified as factors threatening to wreck the N-Power programme...