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Nigeria
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
Back to mapCategory | 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 | 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 |