Directive to Disconnect Switching Companies, PSSPs, and SAs from NIP Outwards System

On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (MMOs) to delist non-deposit-taking financial institutions (NDFIs) such as switching and processing companies, Payment Solution Service Providers (PSSPs), and Super Agents (SAs) as beneficiary institutions on their respective NIP funds transfer channels.

Click Here to read the full alert.

Should you have any questions regarding this alert, do not hesitate to contact Ajibola Asolo.

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Contributors
1. Tomilola Tobun – Senior Associate
2. Aaron Alasa – Associate
3. Glory Akani – Associate