By 
Latiifah Amusan
In a recent development, Flutterwave, Interswitch, and other Nigerian payment platforms have come under scrutiny as the Nigeria Inter-Bank Settlement System (NIBSS) issues directives on instant transfers.
NIBSS, in a circular, has instructed banks to disconnect Payment Solution Service Providers (PSSPs), Switches, and Super Agents (SAs) from the NIBSS Instant Payment Outwards System.
The circular specifically points out the inclusion of non-deposit financial institutions like Switching Companies, PSSPs, and SAs as beneficiaries, deeming it contrary to the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes issued in February 2014.
NIBSS emphasizes that while these entities may facilitate outward transfers as inflows to banks, their licenses do not authorize them to hold customer funds.
The circular references a regulatory advisory circular from May 11, 2018, reinforcing the need for compliance with permissible services and products outlined for PSSP operations in Nigeria.
To comply with the directive, banks are urged to delist all affected entities from their NIP Outward Transfer channels.
The circular emphasizes that only Mobile Money Operators (MMOs) are permitted to hold customer funds according to CBN regulations.
The affected PSSPs, Switches, and Super Agents, along with their corresponding NIP codes are as follows;
1 | 090201 | XPRESS PAYMENTS 11 |
2 | 090202 | ACCELEREX NETWORK | 11 |
3 | 090211 | ITEX INTEGRATED SERVICES LIMITED | 11
4 | 100029 | INNOVECTIVES KESH | 11 |
5 | 110002 | FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED | 11 |
6 | 110003 | INTERSWITCH LIMITED | 11 |
7 | 110004 | First Apple Limited | 11 |
8 | 110005 | 3LINE CARD MANAGEMENT LIMITED | 11 |
9 | 110006 | PAYSTACK PAYMENTS LIMITED | 11 |
10 | 110007 | TEAM APT | 11 |
11 | 110008 | KADICK INTEGRATION LIMITED | 11 |
12 | 110009 | Venture Garden Nigeria Limited | 11 |
13 | 110011 | ARCA PAYMENTS COMPANY LIMITED | 11 |
14 | 110013 | QR Payments | 11 |
15 | 110014 | Cyberspace Limited | 11 |
16 | 110015 | Vas2nets Limited | 11 |
17 | 110017 | CROWDFORCE | 11 |
18 | 110018 | Microsystems Investment and Development Limited | 11
19 | 110021 | Bud Infrastructure Limited | 11 |
20 | 110022 | Koraypay | 11 |
21 | 110023 | Capricorn Digital | 11 |
22 | 110025 | NetApps Technology Limited | 11 |
23 | 110026 | SPAY business | 11 |
24 | 110027 | Yello Digital financial services | 11 |
25 | 110028 | Nomba Financial Services Limited | 11 |
26 | 110029 | Woven Finance | 11 |
27 | 110033 | Paysure Technologies Limited | 11 |
28 | 110044 | Leadremit Limited | 11 |
29 | 110059 | Habaripay | 11 |
30 | 110075 | IROFIT TECHNOLOGIES LIMITED | 11 |
31 | 999999 | NIP VIRTUAL BANK | 11 |
32 | 110019 | NIBSSUSSD PAYMENTS | 11 |
