Despite COVID-19, Banks Opened 35m Accounts In Five Months     Bank accounts in Nigeria have risen by 35 million between January to May 30th, 2020, data hosted on the website of the Nigeria interbank Settlement system (NIBBS) has revealed. A breakdown of the data indicates that the...

Cheque Transactions Drop By 56% To N178bn In May   The value of cheque transactions fell sharply year-on-year (YoY) by 55.7 percent to N178 billion in May 2020 from N401.8 billion in the corresponding period of 2019. Similarly, the volume of cheque transactions declined by 63 percent...

On Val's Day, Banks’ Instant Pay Transactions Hit 2.5m Bank customers carried out about 2.5 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on Valentine’s Day, live updates provided by the NIBSS have shown. As shopping for gift items and visit to entertainment...

NIBSS Moves To Improve Payment System The Nigeria Interbank Settlement System has said it is committed to the development of payment systems in the country. In a statement, the Managing Director, NIBSS, Mr Ade Shonubi, said there was a need to respond to the yearnings of...

There were indications that despite the challenging economic situation and high-level sophistication of fraudsters, huge increase in the volume and value of transactions across all payment channels in the banking system has been recorded. The development, which has been attributed to the implementation of monetary-fiscal...