Nigeria Inter-Bank Settlement System

Incorporated in 1993 and owned by all licensed banks in Nigeria including the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System Plc (NIBSS) serves as the country's shared-services infrastructure for handling inter-bank payments and removing potential payment hurdles. NIBSS is responsible for critical national financial infrastructure such as the NIBSS Instant Payments (NIP) system, the Bank Verification Number (BVN) project, and the automated clearing house system, thereby ensuring the stability and efficiency of Nigeria's electronic payment ecosystem.