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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, , POS, QR, USSD, ATM, Branch, Agent
Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Bill payments (P2B/P2G), Social disbursements (G2P), Inventory & business services (B2B), Salaries & wages (B2P)
Inclusivity level: Basic
Year of establishment: 2011
System owner: NIBSS
Overseer: CBN
Operator: NIBSS
Total Participants: 230+
Back to map| Category | NIBSS Instant Payment (NIP) |
|---|---|
| Geographic reach | Domestic |
| Geographic description | Nigeria |
| Scheme governance | NIBSS |
| Settlement agent | CBN |
| Participants - commercial banks | 25 |
| Participants - MMOs | 6 |
| Participants - non-bank PSPs | 200 |
| Participants - MFIs | N/A |
| Volumes 2018 | 729,440,000 |
| Volumes 2019 | 1,145,790,000 |
| Volumes 2020 | 2,033,550,000 |
| Volumes 2021 | 3,473,190,000 |
| Values 2018 | 193,706,375,306 USD |
| Values 2019 | 253,438,405,636 USD |
| Values 2020 | 381,078,755,884 USD |
| Values 2021 | 655,040,300,346 USD |
| Interoperability arrangement | Third party |
| Ownership model | Jointly owned |
| Governance Typology | PPP |
| Messaging standard | ISO 20022 |
| Types of proxy IDs | Proprietary proxy ID called Bank Verification Number (BVN) - biometrically linked |
| Use of open APIs | No |
| QR code standard | Yes |
| Pro-poor governance | No |
| CB governance involvement | Yes |
| All licensed PSPs can participate (all-to-all interoperability) | Yes |
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