Transactions via cheque hit N1.32 trillion in three months
About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year.
Ecobank unveils unified digital payment solution
A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria.
Payment system stakeholders seek simple tech for financial inclusion
Experts in the nation’s payment industry have advocated the deployment of simple technologies to guarantee that the success of the financial inclusion drive.According to them, the processes must be such that align with the realities of the target audience....
NIBSS partners Fintech innovators to launch knowledge group
The Association of Financial Services Innovators (FSI)- a community of Fintech entrepreneurs, regulators, companies, incubators and developers driving innovation in the financial services industry has been launched in Lagos. The community, which is supported by the Nigeria Inter-Banks Settlement Systems Plc (NIBSS Plc), the National Central Switch of the Central Bank of Nigeria and a…
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.
Inlaks secures super-agent licence for financial inclusion
The Central Bank of Nigeria (CBN), has granted an approval-in-principle to Inlaks, a financial technology company, to drive its financial inclusion and the cashless initiative agenda.
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...
Why government wants forfeiture of balances in non-BVN-linked accounts
The Federal Government recently secured a Federal High Court Ex-parte Order that, among other things, directs the Central Bank of Nigeria...