NIP FAQ

NIBSS INSTANT PAYMENT

What is NIP Service?
NIBSS Instant Payments (NIP) is an account number based, online real – time electronic fund transfer (EFT) platform where delivery of transaction messages f...
Wed, 14 Aug, 2024 at 12:47 PM
Who are the users of the NIP Service?
All CBN licensed institutions have access to this service by NIBSS for different use cases
Wed, 14 Aug, 2024 at 12:48 PM
What are the Services under NIP that customers can utilize?
NIP provides a number of APIs that allows customers to process instant payment transactions, such as: Name Enquiry: enables the source institution validat...
Wed, 14 Aug, 2024 at 12:56 PM
What is the maximum transaction amount on NIP and how can it be modified?
The transaction limit on NIP is implemented in accordance with the CBN regulatory guidelines on the subject matter. The maximum allowable value per transact...
Wed, 14 Aug, 2024 at 12:57 PM
How does Settlement happen on the service?
NIBSS Instant Payment (NIP) is a Deferred Net Settlement (DNS) system where Funds are available online real-time in the beneficiary account before settlemen...
Wed, 14 Aug, 2024 at 12:59 PM
As a Non- DMB institution how do I get settlement ?
Settlement for institutions who do not have accounts at the Clearing house, Settlement is done by Settlement Banks. Institutions are expected to open Settl...
Wed, 14 Aug, 2024 at 1:00 PM
What is a Settlement Bank ?
For institutions who do not have accounts with CBN, they required to open an account with a DMB by depositing a collateral amount with the bank to enable th...
Wed, 14 Aug, 2024 at 1:02 PM
What is the pricing and income benefit for the bank?
NIP transaction fee is subject to approved pricing and shall be charged weekly against the accounts of participating institutions or their settlement bank. ...
Wed, 14 Aug, 2024 at 1:03 PM
How do I get onboarded on the solution as an institution?
Contact your Relationship Manager at NIBSS.
Wed, 14 Aug, 2024 at 1:04 PM