NIBSS History, Mandate and Vision

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NIBSS is Nigeria’s backbone of inter-bank payment settlement including CBN, Zenith, GTBank, Access, Union, UBA, Polaris, First Bank and other licensed banks in Nigeria.

NIBSS is chair by the  Deputy Governor, Financial System Stability of the Central Bank of Nigeria and composed of representatives of Banks Executive Directors who are heads  of Executive Management group of the organisation.

History of NIBSS
Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994.

NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.

The Board of Nigeria Inter-Bank Settlement System Plc (NIBSS) is composed of the Deputy Governor, Financial System Stability of the Central Bank of Nigeria as the Chairman, representatives of Banks as Directors, Executive Directors and the Managing Director/CEO, who heads Executive Management group of the organisation.

Nigeria Inter-Bank Settlement System Plc (NIBSS) operation is supported with the best Information, Communication and Technology infrastructure for Automated On-line operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services. Operational and Credit Risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.

Mission and Vision Statement

Vision
Providing Efficient Services For Growth And Value Delivery Relying On Competent And Motivated People.

Vision
To Be The Leading Provider Of Innovative Financial Services In Nigeria.

NIBSS’ Mandate
The scope of operation of Nigeria Inter-Bank Settlement System Plc (NIBSS) in the Nigerian financial sector is such that fulfills its mandate as enshrined in the company’s Memorandum and Article of Association.
  • To carry on business as a service oriented institution that provides the mechanism for same day clearing and settlement of inter-bank transfers and payments.
  • To provide infrastructure for the automated processing and settlement of transactions between banks acting on their own account as regards deposit placements, Treasury Bills Transaction, Naira settlement on inter-bank foreign exchange transactions.
  • To initiate and develop an integrated nationwide network for the electronic or paperless payments, funds transfer and settlement of transactions.
  • To provide framework for elevating the level of efficiency in funds transfer services general.

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