NIBSS Instant Payment (NIP)

NIP is the first and only point to point funds transfer service that guarantees instant value to the beneficiary. Nigeria is the only country in Africa and essentially, the world to have deployed such a solution. The service is majorly offered via bank’s internet banking platforms for corporates and individuals as well as through the banks’ branch network.

Featuresof NIP

On-Line Real-Time payment delivery
Inter-Bank Credit Transfer
Based on Bank Account Numbers (non-Card)
Authentication is done by sending Bank
Ideal for single-item payments e.g. P2P, B2B, P2B, B2P, revenue collection

NIBSS Electronic Fund Transfer (NEFT)

A NEFT is an irrevocable fund transfer instruction where a bank simply captures their customer’s funds transfer instructions electronically. However, the bank will first debit the customer’s account to ensure that the funds are set aside after which such a bank customer’s instruction (along with other customers instructions) are sent to NIBSS as an electronic file for onward processing. NIBSS subsequently processes each electronic file from banks containing several NEFT instructions to ensure the beneficiaries receive value such that their accounts are credited within a few hours. Benefits of Using and Accepting NEFT as a Payment Method:

Bank transfers are more secure for both the customer and the banks. There are no cheque that may be misplaced, lost or stolen. Furthermore, since the payment goes directly from the customer to the bank, there is no possibility of fraudulent alteration of the payment amount
The sender’s account is debited immediately in case of credit transfers. This makes account reconciliation much simpler for the customer. The customer does not have to worry about un-presented cheques being debited unexpectedly months later, on presentation by the payee
As NEFT credit transfers are credited directly, the payment process is much quicker than with cheques, which must first be presented to the paying bank in clearing. This can result in improved cash flow
Any payment credited to the beneficiary’s account is a cleared item. There is no possibility of the payment being reversed for insufficient funds, drawer’s confirmation, irregular signature or any other reasons associated with cheques

Security Features

Token code is required for all transactions to be processed successfully
Alerts (SMS) are sent to both beneficiary and sender to monitor transactions being processed
The transfers are based on limits available and cannot be altered except by request from the account owner.