The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list.
They are not to receive inflows as their licences do not permit them to hold customers’ funds.”
Payment companies, often referred to as “Fintechs,” used to appear on the NIBSS Instant Payments platform as banks capable of receiving deposits. They could generate reference numbers that mimic bank accounts and utilize core-banking applications to accept deposits. This practice will no longer be permitted.
Consequently, when you attempt to make payments to an account created by a Fintech (that isn’t a licensed deposit institution like a Microfinance Bank, mobile money operator, or commercial bank), you won’t find the name of the Fintech in the list of banks.
