One could say NIBSS was built for this pivotal moment in Nigeria’s financial history. Back in 1993, the Central Bank of Nigeria and the Bankers’ Committee brought in NIBSS to solve a massive problem—Nigerian banks couldn’t talk to each other. Transferring money between banks was a nightmare. Each bank was in its silo, and that …
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The role of NIBSS in open banking
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How Open banking can transform payments in Nigeria
A couple of years ago, every Nigerian household made the monthly trip to the bank or electricity provider company, cash in hand, with their bill slip and means of identification to pay their electric bills. It was a similar story for all other bills and payments people had to make. Payments improved after the CBN …
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