The Nigeria Inter-Bank Settlement System has requested that banks remove Payment Solution Service Providers, Switches, and Super Agents from their list of outward payment or transfer recipients.
The NIBSS announced this in a recent circular to banks dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223.According to the country’s payment system, listing non-deposit-taking financial institutions as beneficiaries violates the Central Bank of Nigeria’s electronic payment guideline.
It said, “This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.”
