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How NIBSS Plan to Remove Non-Deposit Financial Institutions from Fund Transfers

December 8, 2023
in Business
How NIBSS Plan to Remove Non-Deposit Financial Institutions from Fund Transfers
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In a significant development within Nigeria’s financial sector, the Nigeria Interbank Settlement System Plc (NIBSS) has issued a circular directing banks to eliminate non-deposit financial institutions from their National Instant Payment (NIP) fund transfer channels. 

This directive, which has raised several discussions within the industry, affects a variety of financial entities, including switching companies, payment solution service providers (PSSPs), and super agents. Let’s look into the issues surrounding the recent decision.

NIBSS Warns Against Non-Deposit Institutions in NIP Funds Transfer

According to the circular released by NIBSS, the inclusion of non-deposit financial institutions as beneficiary institutions on NIP funds transfer channels violates the Central Bank of Nigeria (CBN) guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria, dated February 2014. 

The affected financial entities, including switches, PSSPs, and super agents, have been informed that they can process outward transfers as inflows to banks but cannot receive inflows, as their licenses do not permit them to hold customers’ funds.

Fintech companies would no longer receive cash inflows

One of the most significant consequences of NIBSS’s directive is its impact on Fintech companies that lack any form of banking license. While these non-deposit institutions will still be able to facilitate outward transfers to banks, they will no longer be allowed to receive fund inflows. This move could have a substantial effect on small business owners, as they are the primary users of these Fintech platforms for various financial transactions.

Fintech companies forced to obtain banking licenses

To adapt to this regulatory change and remain competitive, it is expected that affected Fintech companies will expedite the process of obtaining banking licenses. Banking licenses would empower them to hold customer funds legally, ensuring their continued relevance and stability in the industry. This transition may be challenging, but it is a necessary step for non-deposit-taking financial institutions to comply with the new regulatory landscape.

CBN streamlined payment system licensing

To better understand the context of NIBSS’s directive, it is essential to look at the broader regulatory framework for payment systems in Nigeria. CBN has streamlined payment system licensing into four broad categories: Mobile Money Operators (MMOs), Switching and Processing, Payment Solution Services (PSS), and Regulatory Sandbox. Out of these categories, only MMOs are authorized to accept deposits.

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Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/2023/12/07/how-nibss-plan-to-remove-non-deposit-financial-institutions-from-fund-transfers/

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