From N5 to N3.75, NIBSS Announced Reduction in the Electronic Transfer Fee for Instant Payment
- on Jun 09, 2023
The significant reduction in the electronic transaction processing fee for instant payment is for the purpose of promoting financial inclusion and supporting Innovations in Nigeria. According to the Nigeria Inter-bank Settlement System (NIBSS), the fee will be slashed from N5 to N3.75k, effective from July 1st, 2023.
We are delighted to inform you that the board and management of Nigeria Inter-Bank Settlement has approved a further reduction in the transaction processing fees on NIBSS Instant Payment from N5 to N3.75k which will be effective July 1, 2023.
The NIBSS Instant Payment has emerged as a groundbreaking and innovative e-payment solution for the banking industry. With the reduction in processing fees, NIBSS aims to incentivize greater adoption of electronic transactions and facilitate wider access to financial services across Nigeria.
That’s one of the major reasons NIBSS slashes electronic transfer fees from N5 to N3.75.
Additionally, this decision was first conveyed through a letter dated May 31, 2023, signed by the Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, and the Executive Director of Business Development, Ngover Ihyembe-Nwankwo.
According to the CEO, the development was in line with the NIBSS’ commitment to improve financial inclusion and support innovation. He added that the scheme would also be embarking on a volume-driven discount regime to complement the fee reduction as further details will be communicated in due course.