NIP FAQ
NIBSS INSTANT PAYMENT
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
All CBN licensed institutions have access to this service by NIBSS for different use cases
Wed, 14 Aug, 2024 at 12:48 PM
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
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
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
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
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
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
Contact your Relationship Manager at NIBSS.
Wed, 14 Aug, 2024 at 1:04 PM