Nigeria's Inter-Bank Settlement System (NIBSS) has issued a directive urging banks to remove Payment Solution Service Providers, Switches, and Super Agents from their outward payment or transfer lists. The communication, outlined in a circular dated December 5, 2023 (Ref: NIBSS/BD/NI/PO/005/051223), emphasizes that including non-deposit financial institutions as beneficiaries goes against the Central Bank of Nigeria's electronic payment guidelines. According to NIBSS, the act of listing entities such as Switching Companies, Payment Solution Service Providers, and Super Agents on NIP funds transfer channels violates the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria issued in February 2014."
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