₦airaland Forum

How does this NIBBS stuff work? Like How am i supposed to go about it.
Does NIBBS work on only when i want to make Payments for Interbank (Like for instance from First Bank to Zenith) or does it work for Both Intra and Inter transfers ? I am very confused here about this and hence i wanted to ask this on here to know how i would go about convincing my clients

Do let me know.

Whytelyon:
How does this NIBBS stuff work? Like How am i supposed to go about it.
Does NIBBS work on only when i want to make Payments for Interbank (Like for instance from First Bank to Zenith) or does it work for Both Intra and Inter transfers ? I am very confused here about this and hence i wanted to ask this on here to know how i would go about convincing my clients

Do let me know.

It works for both

ToyinDipo:
It works for both

I believe it works for inter-bank settlement as the name suggests. If it works for both then it is serving as a unnecessary stopover for intra-bank settlements. Why will FirstBank or Zenith want to go through their network provider then head to NIBBS before heading to their server when they can head straight for their server.

CodeTemplar:
I believe it works for inter-bank settlement as the name suggests. If it works for both then it is serving as a unnecessary stopover for intra-bank settlements. Why will FirstBank or Zenith want to go through their network provider then head to NIBBS before heading to their server when they can head straight for their server.

Exactly what I was thinking. Was thinking it was only for payments outside the bank. Not intra transfers. By the way, why would a bank want NIBBS to have access to the transfers within a bank, they'd also want to retrieve something related to account statements from NIBBS then? Still thinking here

I think this settles my answer here

https://nibss-plc.com.ng/company-overview/

Especially here

"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. "