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Nigeria

NIBSS Instant Payment (NIP)

Scheme name: NIBSS Instant Payment (NIP)

IIPS Type: Cross-domain

Instruments: Credit EFT , Debit EFT , E-money

Channels: Browser , Apps , POS , QR , USSD , ATM , Branch , Agent

Use cases: Transfers & remittances (P2P) , Merchant payments (P2B) , Bill payments (P2B/P2G) , Social disbursements (G2P) , Business purchases (B2B) , Salaries & wages (B2P)

Inclusivity level: Basic

Year of establishment: 2011

System owner: NIBSS

Overseer: CBN

Operator: NIBSS

Total Participants: 230+

Volumes 2021: 3,473,190,000

Values 2021: 655,040,300,346 USD

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CategoryNIBSS Instant Payment (NIP)
Geographic reachDomestic
Geographic descriptionNigeria
Scheme governanceNIBSS
Settlement agentCBN
Participants - commercial banks25
Participants - MMOs6
Participants - non-bank PSPs200
Participants - MFIsN/A
Volumes 2018729,440,000
Volumes 20191,145,790,000
Volumes 20202,033,550,000
Volumes 20213,473,190,000
Values 2018193,706,375,306 USD
Values 2019253,438,405,636 USD
Values 2020381,078,755,884 USD
Values 2021655,040,300,346 USD
Governance TypologyPPP
Messaging standardISO 20022
Types of proxy IDsProprietary proxy ID called Bank Verification Number (BVN) - biometrically linked
Use of open APIsNo
QR code standard Yes
Pro-poor governanceNo

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