17 December 2012

Nigeria: NIBSS 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.

"We have packaged the two products at the same time to help the public to pay their bills very conveniently and to help companies who are proving services so they can get paid for their services."

Furthermore, Ajao stated the NIBSS e-BILLspay is an account number based, on-line real-time credit transfer product that enables customers to make payments by leveraging the security provided by the banks.

"It enables banks to provide electronic bills payment services through Payment Channels Banking Internet Banking (iB), Mobile Banking, Kiosk among others while the ADD is a cashless or electronic payment method for settlement of financial obligations and indebtedness on a recurring basis through authorisation to debit nominated bank accounts in any bank at agreed intervals," he said.

In addition, he declared that the two products would further enhance the cashless policy.

He added: "If you go to many companies today where people pay bills, they go to the bank first to withdraw money. But with the two products we have launched, it will help so much that you won't need to touch cash, you just go through your bank and if you are familiar with our internet banking, you go through the internet banking.

"You just sign up through the internet using the credentials your bank has given you, your username and password then you pay your bill. With these products, no manual intervention, you make your payment through our system and the system will notify the company that you have paid."

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