15 December 2012

Nigeria: NIBBS Launches New Electronic Payment System

In line with the cashless policy aimed at reducing the dominance of cash in the system, the Nigeria Inter-Bank Settlement System (NIBSS) has introduced two new bill payment systems.

The two new products were the Automated Direct Debit (ADD) and NIBSS e-BILLLspay.

Speaking at the event in Lagos, Executive Director, Technology and Operations, Mr. Niyi Ajao, said, the two products would complement the existing products.

"We have two product launched today and both of them targeted at bill payment. If u look at our market today, it is so difficult to pay bill in this country. The Direct Debit Card (DDC) is highly in existence and when you want to pay through it, it is always a challenge.

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