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Nigeria
NIBSS Instant Payment (NIP)
Scheme name: NIBSS Instant Payment (NIP)
IIPS Type: Cross-domain
Instruments: Credit EFT, Debit EFT, Card
Channels: Agent, Branch, USSD, App, Browser, POS, ATM, QR, NFC
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 map| Category | NIBSS Instant Payment (NIP) |
|---|---|
| Geographic reach | Domestic |
| Geographic description | Nigeria |
| Scheme governance | NIBSS |
| Settlement agent | Central Bank of Nigeria |
| Participants - commercial banks | 28 |
| Participants - MMOs | 10 |
| Participants - non-bank PSPs | 34 |
| Participants - MFIs | 233 |
| Participants - Other | 10 |
| Volumes 2019 | 1,145,785,229 |
| Volumes 2020 | 2,033,552,096 |
| Volumes 2021 | 3,473,192,000 |
| US$ Exchange Rate 30 April | 1,336.8800 |
| Values 2019 | 78,707,560,044 USD |
| Values 2020 | 118,295,046,833 USD |
| Values 2021 | 203,428,599,186 USD |
| Values 2022 | 289,536,798,128 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 arrangement | Payment system operator |
| Ownership model | Jointly owned |
| Governance Typology | PPP |
| Scheme rules shared or publically available? | No |
| Messaging standard | Proprietary |
| Types of proxy IDs | Bank verification number; QR code |
| Use of open APIs | Yes |
| QR code standard | N/A |
| Pro-poor governance | Yes |
| CB governance involvement | Yes |
| Expanded use Cases | Yes |
| Minimum channel functionality | Yes |
| Minimum use case functionality | Yes |
| All licensed PSPs can participate (all-to-all interoperability) | Yes |
| Recourse | No |
| Not-for-loss | Yes |
| Status | Potential to reach mature level |
| Strengths/drivers | Fulfillment of all progressed criteria and 2 of 3 mature criteria provides a good base to reach mature level. |
| Areas of development | The 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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