Financial institutions in Nigeria lost N52.26 billion to fraud in 2024 according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS). This represents a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023. The…
The latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), has revealed that the number of active bank accounts in Nigeria rose to 311.6 million in December 2024. At the end of 2023, NIBSS data showed that total active…
The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 3.04 million in July this year. The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest electronic payment data. This represents a…
The Nigeria Deposit Insurance Corporation (NDIC) has adopted the Nigeria Inter-Bank Settlement System (NIBSS) to pay insured depositors of the now-defunct Heritage Bank, citing limitations in the Remita payment platform. NDIC’s Deputy Director at the Enugu Zonal Office, Pamela Roberts,…
The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians spent a total of N89.5 trillion over electronic channels in July 2024. According to the latest e-payment data, the July record came as the all-time high monthly transaction value on…
The Federal Government of Nigeria, through the National Identity Management Commission (NIMC) in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), has launched an innovative identity solution with payment functionality for all types…
By Sodiq Adelakun In a significant financial development, Nigeria’s banking sector has witnessed a substantial increase in the number of active bank accounts, according to the latest figures released by the Nigeria Inter-Bank Settlement System (NIBSS). The total number of…
By Sodiq Adelakun In a remarkable leap forward for Nigeria’s digital economy, the latest figures from the Nigeria Interbank Settlement System (NIBSS) indicate a significant 54.55 percent increase in electronic payment transactions, reaching a total of N611.06 trillion in 2023.…
By Sodiq Adelakun The number of registrations for the Bank Verification Number (BVN) in Nigeria has surged to 60.49 million as of January 26, 2024, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS). This indicates that 291,232…
By Adenle Adedeji A circular from the Nigeria Interbank Settlement System Plc (NIBSS) has directed commercial banks in Nigeria to take down every non-deposit-taking financial institution from their NIP fund transfer channels. The non-deposit-taking financial institutions include switching companies, payment…
