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Nigeria

NIBSS Instant Payment (NIP)

Scheme name: NIBSS Instant Payment (NIP)

IIPS Type: Cross-domain

Instruments: Credit EFT, Debit EFT

Channels: Browser, App, POS, QR, NFC, USSD, ATM, Branch, Agent

Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Bill payments (P2B/P2G), Fees & taxes (P2G), Social disbursements (G2P), Inventory & business services (B2B), Salaries & wages (B2P), Cross-border

Inclusivity level: Progressed

Year of establishment: 2011

System owner: NIBSS

Overseer: Central Bank of Nigeria

Operator: NIBSS

Total Participants: 315

Volumes 2023: 9,669,335,889

Values 2023: 449,072,284,461 USD

Back to mapMore information about this topic
CategoryNIBSS Instant Payment (NIP)
Geographic reachDomestic
Geographic descriptionNigeria
Scheme governanceNIBSS
Settlement agentCentral Bank of Nigeria
Participants - commercial banks28
Participants - MMOs10
Participants - non-bank PSPs34
Participants - MFIs233
Participants - Other10
Volumes 20191,145,785,229
Volumes 20202,033,552,096
Volumes 20213,473,192,000
US$ Exchange Rate 30 April1,336.8800
Values 201978,707,560,044 USD
Values 2020118,295,046,833 USD
Values 2021203,428,599,186 USD
Values 2022289,536,798,128 USD
Values 2023 not-on-us transactions (US$)449,072,284,461 USD
Values 2023 on-us transactions (US$)N/A
Total value of instant payment transactions 2023 (US$)449,072,284,461 USD
Interoperability arrangementPayment system operator
Ownership modelJointly owned
Governance TypologyPPP
Scheme rules shared or publically available?No
Messaging standardProprietary
Types of proxy IDsBank verification number; QR code
Use of open APIsYes
QR code standard N/A
Pro-poor governanceYes
CB governance involvementYes
Expanded use casesYes
Minimum channel functionalityYes
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)Yes
RecourseNo
Not-for-lossYes
StatusPotential to reach mature level
Strengths/driversFulfillment of all progressed criteria and 2 of 3 mature criteria provides a good base to reach mature level.
Areas of developmentThe area of development includes developing consumer recourse requirements. Moreover, while cross-border is enabled through PAPSS, no live transactions could be established.

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