The Nigerian Inter-Bank Settlement System has slashed its transaction processing fee for NIBSS Instant Payment from N5 to N3.75k effective July 1, 2023.
The central payment gateway in the country stated that it was reducing its fees to drive financial inclusion and support innovation.
The document which was signed by the Managing Director/Chief Executive Officer, Premier Oiwoh, and the Executive Director, Business Development, Ngover Ihyembe-Nwankwo, read in parts, “We are delighted to inform you that the board and management of Nigeria Inter-Bank Settlement Plc has approved a further reduction in the transaction processing fees on NIBSS Instant Payment from N5 to N3.75k effective July 1, 2023.
“In line with our commitment to drive financial inclusion and support innovation, we are also embarking on a volume-driven discount regime to complement this fee reduction and further details will be communicated in due course.”
The NIBSS enables financial transfers in the country, and the NIP is what ensures that anyone can get a transferred sum instantly.
Currently, banks charge a minimum of N10 as NIP charges. Efforts to reach the Head, Corporate Communications, NIBBS, Lilian Phido, to confirm and provide more insight on the move proved abortive.
On its website, the NIBSS stated, “NIBSS Instant Payments is an efficient person-to-person; a person-to-business; business-to-business funds transfer service that guarantees instant value to beneficiaries.”
According to the NIBSS, cashless transactions increased by 44.84 per cent to N126.73tn in the first quarter of 2023 from N87.49tn in the corresponding period of 2022.
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