The Nigeria Inter-Bank Settlement System Plc (NIBSS) was set up by the decision of the Bankers Committee in 1992, as a Shared-Service infrastructure for facilitating payments finalities, streamlining Inter-bank payments and settlement mechanisms, to drive and promote Electronic Payments across the Nigerian Financial Industry.
Incorporated in April 1993 it commenced operations in June 1994 by deploying state of the art technologies to complement the Central Bank of Nigeria (CBN) payment activities and has since driven and contributed immensely to the growth of the Nigerian Payments System. NIBSS continues to drive collaboration with all Nigerian Banks, Card schemes, Processors, Payment Terminal Service Providers (PTSPs), Mobile Money Operators (MMO), Telecommunication providers and other Payment Service providers to improve adoption of Electronic Payment in Nigeria.
Ownership and Structure
NIBSS is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. The Board consists of the Deputy Governor (Operations), Central Bank of Nigeria, as the Chairman and Representatives of the stipulated Banks.