July 25, 2017

Pay Africa (Cross Border Payment)

The Cross Border Payment initiative is intended to deliver the capability of account-based cross-border payments, which will allow customers of banks in Nigeria to send and receive money to and from banks in other African countries.
NIBSS plc in partnership with Ecobank Transnational Incorporated will be providing three-tiered switching service for transactions that will be initiated from other banks in Nigeria.
This service would be such that a customer would be able to initiate a cross border transaction from their bank’s channel(s), have the transaction switched to the local Ecobank (via NIBSS Instant Payment for payment out of Nigeria), and then onward to the Ecobank in the country of destination via ECOBANK Cross Border Capability platform . In the event that the destination bank is not Ecobank, the transaction will be switched to the other bank (via the local Real-Time Gross Settlement System / Automated Clearing House).