nigeria

Report Year

2025

eNaira

Geographic Reach
Nigeria
Gender disaggregated data
No
Geographic Region
West Africa
Coverage
Domestic
Year Of Establishment
2021
IPS
Sovereign currency
Interoperability Arrangement
Bilateral
Governance Typology
Central bank led
Ownership Model
Regulator-owned
System Owner
Central Bank of Nigeria
Overseer
Central Bank of Nigeria
System Governance
Central Bank of Nigeria
Operator
Central Bank of Nigeria
Settlement Agent
Central Bank of Nigeria
Number of Unique IPS End Users
-
Total Number Of Participants
-
Number Of Direct Participants: Commercial Banks
-
Number Of Direct Participants: E-money Issuers
-
Number of Direct Participants: MFIs
-
Number of Direct Participants: Other
-
Number of Direct Participants: Post Office
-
Indirect Participants Type
-
Number Of Indirect Participants
-
Supported Use Cases
P2P, P2B , P2G , B2B, B2P, Cross border
Supported Instruments
CBDC
Primary Local Channel
App
Supported Channels
Browser, App, POS, NFC, QR Code, USSD , Agent (e-money), Agent (banking)
QR Code Enabled Type
-
Messaging Standard
Proprietary
Proxy ID
QR code, Bank account number
Other Proxy ID Type
-
Business Model
-
Pricing Structure
-
Scheme Rules Public
Yes
Additional Recourse Requirements
Yes
Dispute Resolution Mechanism
-
API Functionality
Yes
Startup Funding Source
-
Participation in Decision Making
-
Mechanism for Decision Making
-
Ability to become Direct Participants
Yes
Entities that cannot Participate
-
Min Value for Transactions
-
Corporate Structure
-
Other Corporate Structure
-
Pull Request to Pay Enabled
-
Third Party Connections Enabled
-
Real Time Payment Confirmation
-
Transaction Validation Enabled
-
Inclusivity Ranking
Basic

NIBSS Instant Payment (NIP)

Geographic Reach
Nigeria
Gender disaggregated data
Yes
Geographic Region
West Africa
Coverage
Domestic
Year Of Establishment
2011
IPS
Cross-domain
Interoperability Arrangement
Multilateral
Governance Typology
Public Private Partnership (PPP)
Ownership Model
Jointly owned
System Owner
Cental Bank of Nigeria and commercial banks
Overseer
Central Bank of Nigeria
System Governance
Central Bank of Nigeria and commercial banks
Operator
NIBSS
Settlement Agent
Central Bank of Nigeria
Number of Unique IPS End Users
57725748
Total Number Of Participants
699
Number Of Direct Participants: Commercial Banks
29
Number Of Direct Participants: E-money Issuers
-
Number of Direct Participants: MFIs
-
Number of Direct Participants: Other
-
Number of Direct Participants: Post Office
-
Indirect Participants Type
Microfinance Banks 541, Mobile Money Operatorsn10, Payment Service Banks 5. Primary Mortgage Banks 20, Development Finance Institutions2, Other Financial Institutions 92
Number Of Indirect Participants
670
Supported Use Cases
Cross border , P2G , P2B, P2P, B2B, G2P, B2P
Supported Instruments
Credit EFT, Debit EFT, E-money, CBDC
Primary Local Channel
USSD
Supported Channels
USSD, Agent (e-money), Agent (banking), App, Browser, QR Code, POS, ATM
QR Code Enabled Type
Both
Messaging Standard
Proprietary
Proxy ID
Bank account number, QR code
Other Proxy ID Type
-
Business Model
Not-for-loss
Pricing Structure
NIP has a flat fee of N3.75k per transaction to financial institutions However, the financial institutions charge the final end – users as follows: • N50 per transaction – for transactions greater than N50,000 in value • N25 per transaction - for transactions greater than N5,000 in value • N10 per transaction - for transactions less than N5,000 in value
Scheme Rules Public
Yes
Additional Recourse Requirements
Yes
Dispute Resolution Mechanism
Yes
API Functionality
Yes
Startup Funding Source
NIP was developed in-house
Participation in Decision Making
Yes
Mechanism for Decision Making
The NIBSS Board comprises one Deputy Governor from the Central Bank (In Charge of Financial System Stability) and CEOs of Deposit Money Banks as Non Executive Directors - In addition NIBSS leverages Focus Group Meetings & regular Industry Engagement Sessions to ensure effective participation in decision making across all participants in the system
Ability to become Direct Participants
No
Entities that cannot Participate
Payments Terminal Service Providers (PTSP), Payment Solution Service Providers (PSSP), Switches, Mobile Money Operators, Microfinance Banks, Payment Service Banks, Mortgage Banks
Min Value for Transactions
N1.00
Corporate Structure
Other
Other Corporate Structure
Public Limited Company
Pull Request to Pay Enabled
Yes
Third Party Connections Enabled
Yes
Real Time Payment Confirmation
Yes
Transaction Validation Enabled
Yes
Inclusivity Ranking
Mature

Nigeria Mobile Money

Geographic Reach
Nigeria
Gender disaggregated data
No
Geographic Region
West Africa
Coverage
Domestic
Year Of Establishment
2013
IPS
Mobile-money
Interoperability Arrangement
Bilateral
Governance Typology
Public Private Partnership (PPP)
Ownership Model
Jointly owned
System Owner
NIBSS
Overseer
Central Bank of Nigeria
System Governance
NIBSS
Operator
NIBSS
Settlement Agent
Central Bank of Nigeria
Number of Unique IPS End Users
-
Total Number Of Participants
-
Number Of Direct Participants: Commercial Banks
-
Number Of Direct Participants: E-money Issuers
-
Number of Direct Participants: MFIs
-
Number of Direct Participants: Other
-
Number of Direct Participants: Post Office
-
Indirect Participants Type
-
Number Of Indirect Participants
-
Supported Use Cases
P2P, P2B
Supported Instruments
E-money
Primary Local Channel
USSD
Supported Channels
USSD
QR Code Enabled Type
-
Messaging Standard
-
Proxy ID
-
Other Proxy ID Type
-
Business Model
-
Pricing Structure
-
Scheme Rules Public
-
Additional Recourse Requirements
-
Dispute Resolution Mechanism
-
API Functionality
-
Startup Funding Source
-
Participation in Decision Making
-
Mechanism for Decision Making
-
Ability to become Direct Participants
-
Entities that cannot Participate
-
Min Value for Transactions
-
Corporate Structure
-
Other Corporate Structure
-
Pull Request to Pay Enabled
-
Third Party Connections Enabled
-
Real Time Payment Confirmation
-
Transaction Validation Enabled
-
Inclusivity Ranking
Basic