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NIBSS PRODUCTS AND SERVICES CATALOGUE

A New dimension to Payment & Settlement

www.nibss-plc.com

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Industry services & e-portalsŸ Anti-fraud portalŸ Authorized signatory verification (ASV)Ÿ Electronic pension contribution collection system

(EPCCOS)Ÿ Electronic reference (e-reference) portalŸ Nigeria identity document verification service (e-

passport verification service)

Nigeria automated cleasing system (NACS)Ÿ Automated bulk clearing operations (ABC)Ÿ Central mandate management system (CMMS)Ÿ E-dividends paymentŸ NIBSS electronic funds transfer (NEFT)Ÿ Fundsweeping serviceŸ NIBSS intra-day exposure system (NIDES)Ÿ Settlement services

Nigeria central switch (NCS)Ÿ NIBSS instant payment (NIP)Ÿ NIBSS e-billspayŸ Payment terminal service aggregator (PTSA)Ÿ Mobile payment interoperabilityŸ Corporate loungeŸ Centralpay payment gatewayŸ Account verification service (AVS)

Special projects and others (NCS)Ÿ BiometricsŸ Business activity mornitoring (BAM)Ÿ E-payment trainingŸ NIBSS automated payment services (NAPS)Ÿ Payment system consultingŸ Pay africa (Cross border payments)Ÿ Square mii

Our products and servicesProducts and Services we offer can be classified under four broad categories:

NIBSS Products and Services CatalogueNIBSS Products and Services Catalogue www.nibss-plc.com

The Nigeria Inter-Bank Settlement System Plc (NIBSS) was set up by the decision of the Bankers Committee in 1992, as a Shared-Service infrastructure for facilitating payments �nalities, streamlining Inter-bank payments and settlement mechanisms, to drive and promote Electronic Payments across the Nigerian Financial Industry.

Incorporated in April 1993 it commenced operations in June 1994 by deploying state of the art technologies to complement the Central Bank of Nigeria (CBN) payment activities and has since driven and contributed immensely to the growth of the Nigerian Payments System. NIBSS continues to drive collaboration with all Nigerian Banks, Card schemes, Processors, Payment Terminal Service Providers (PTSPs), Mobile Money Operators (MMO), Telecommunication providers and other Payment Service providers to improve adoption of Electronic Payment in Nigeria.

NIBSS in 2013 marked 20 great years of being at the forefront of the Nigeria Payments System and the Cash-Less Nigeria Initiative as mandated by the CBN. With determination to keep growing the Payment space in Nigeria, NIBSS Plc has partnered with key industry players such as SIBS International, Portugal to encourage the Nigerian Portuguese Friendship Business Association, Ghana Interbank Payment & Settlement Systems Ltd. (GHIPSS) to promote the regional payment scheme across Africa as well as the Bill & Melinda Gates Foundation (EFInA) to promote Financial Inclusion.

About NIBSS PLC

NIBSS Mandate

The primary mandate of NIBSS is to:n Provide shared service infrastructure to the

Nigeria �nancial systemn Be a payment processing Company for

payments schemes (local & international) in Nigeria

n Act as a settlement Company for both inter-bank and inter-scheme payments

n Provide framework for elevating the level of efficiency in funds transfer services generally

Ownership and Structure

NIBSS is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. The Chairman of NIBSS at all time is the Deputy Governor, Operations of the Central Bank of Nigeria; and this presently is Alhaji Suleiman Barau (OON).

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Industry services & e-portalsŸ Anti-fraud portalŸ Authorized signatory verification (ASV)Ÿ Electronic pension contribution collection system

(EPCCOS)Ÿ Electronic reference (e-reference) portalŸ Nigeria identity document verification service (e-

passport verification service)

Nigeria automated cleasing system (NACS)Ÿ Automated bulk clearing operations (ABC)Ÿ Central mandate management system (CMMS)Ÿ E-dividends paymentŸ NIBSS electronic funds transfer (NEFT)Ÿ Fundsweeping serviceŸ NIBSS intra-day exposure system (NIDES)Ÿ Settlement services

Nigeria central switch (NCS)Ÿ NIBSS instant payment (NIP)Ÿ NIBSS e-billspayŸ Payment terminal service aggregator (PTSA)Ÿ Mobile payment interoperabilityŸ Corporate loungeŸ Centralpay payment gatewayŸ Account verification service (AVS)

Special projects and others (NCS)Ÿ BiometricsŸ Business activity mornitoring (BAM)Ÿ E-payment trainingŸ NIBSS automated payment services (NAPS)Ÿ Payment system consultingŸ Pay africa (Cross border payments)Ÿ Square mii

Our products and servicesProducts and Services we offer can be classified under four broad categories:

NIBSS Products and Services CatalogueNIBSS Products and Services Catalogue www.nibss-plc.com

The Nigeria Inter-Bank Settlement System Plc (NIBSS) was set up by the decision of the Bankers Committee in 1992, as a Shared-Service infrastructure for facilitating payments �nalities, streamlining Inter-bank payments and settlement mechanisms, to drive and promote Electronic Payments across the Nigerian Financial Industry.

Incorporated in April 1993 it commenced operations in June 1994 by deploying state of the art technologies to complement the Central Bank of Nigeria (CBN) payment activities and has since driven and contributed immensely to the growth of the Nigerian Payments System. NIBSS continues to drive collaboration with all Nigerian Banks, Card schemes, Processors, Payment Terminal Service Providers (PTSPs), Mobile Money Operators (MMO), Telecommunication providers and other Payment Service providers to improve adoption of Electronic Payment in Nigeria.

NIBSS in 2013 marked 20 great years of being at the forefront of the Nigeria Payments System and the Cash-Less Nigeria Initiative as mandated by the CBN. With determination to keep growing the Payment space in Nigeria, NIBSS Plc has partnered with key industry players such as SIBS International, Portugal to encourage the Nigerian Portuguese Friendship Business Association, Ghana Interbank Payment & Settlement Systems Ltd. (GHIPSS) to promote the regional payment scheme across Africa as well as the Bill & Melinda Gates Foundation (EFInA) to promote Financial Inclusion.

About NIBSS PLC

NIBSS Mandate

The primary mandate of NIBSS is to:n Provide shared service infrastructure to the

Nigeria �nancial systemn Be a payment processing Company for

payments schemes (local & international) in Nigeria

n Act as a settlement Company for both inter-bank and inter-scheme payments

n Provide framework for elevating the level of efficiency in funds transfer services generally

Ownership and Structure

NIBSS is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. The Chairman of NIBSS at all time is the Deputy Governor, Operations of the Central Bank of Nigeria; and this presently is Alhaji Suleiman Barau (OON).

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INDUSTRY SERVICES & E-PORTALS

E-Portals and Industry services refer to those value added services NIBSS offers to Banks and other players in the financial sector to reduce costs, optimize service delivery, enhance operational efficiency and ease the performance of day to day routine activities in the financial sector.

The E-Portals and Industry services NIBSS currently offers are as follows:

ANTI-FRAUD PORTALIn order to curb the activities of fraudsters and fraudulent transactions prevalent in the financial sector, NIBSS deployed the Anti-Fraud Portal, which was designed as a shared platform where frauds and fraudsters can be reported, monitored and tracked to avoid a reoccurrence within the sector.

Thus, a fraudster or a fraudulent transaction noticed or perpetuated within the industry is reported or captured on this portal to enable other players have prior knowledge of the nature and form of such questionable transactions or individuals and prevent a reoccurrence.

The Anti-Fraud Portal was extensively reviewed by the relevant stakeholders, officials and regulators within the Banking sector and financial industry at large and was adjudged a winning tool to sanitize and protect the sector.

ObjectivesŸ To provide a common fraud reporting platform for the

Payment Industry. Ÿ To provide a means of alerting / notifying other financial

institutions about customers who were found culpable in proven fraud cases.

AUTHORIZED SIGNATORY VERIFICATION (ASV) PORTAL The AVS portal is an electronic central repository for all signature specimen of relevant staff of all banks and financial institutions. NIBSS provides all banks with access to this electronic database to enable accredited bank operatives perform necessary verification of authorized signatories of banks and financial institutions.

The ASV portal was created in order to replace the otherwise cumbersome and inordinate process of determining and identifying the authenticity and accuracy of signatories representing the various financial institutions, particularly when such officials endorse letters and other formal correspondence within the financial industry.

In the past, every bank or financial institution was required collate the signature specimen of all their staff nationwide into a single book and circulate this book to all other financial institutions. Thus, thousands of ASV books with hundreds of thousands of specimen signatures were printed by every bank and circulated to all other banks and other financial institutions, under the aegis of the Committee of Chief Inspector of Banks (CCIB). These books easily and quickly became outdated due to staff attrition, change of staff's role and the likes thus necessitating a revision of the book on an annual basis with huge cost implications.

In summary, ASV was developed:Ÿ To provide a portal to warehouse the database of all

authorized signatories in Deposit Money Banks for easy access to accredited Bank operatives.

Ÿ To provide a means of verifying signatories in inter-bank documents and transaction.

Ÿ To provide a means of performing update on existing signatories and to delete as the need arises.

Ÿ To keep an audit trail of all activities done on the portal.

Industry Services & e-Portals

ELECTRONIC PENSION CONTRIBUTIONS COLLECTION SYSTEM (EPCCOS) The Electronic Pension Contributions Collection System (EPCCOS) is a web-based e-Payment Collections platform, developed by NIBSS in partnership with Pension Operators (PenOp) Association of Nigeria. The portal was designed to facilitate the remittance of employees' Pension Contribution to their various Pension Fund Administrators in an organized and timely manner.

Hitherto, these remittances were done manually with schedules distributed to the various PFAs and payments separately to the PFCs often with reconciliation issues. EPCCOS manages this entire process end-to-end with prompt notification to all parties namely the employers, the PFA and the PFC.

EPCOSS has greatly assisted employers comply with the Pension Reform Act guideline stipulating that employers must remit employees' Pension Contributions within 7 days of staff salary payments.

Problem DescriptionŸ Payments or Remittances of Pensions were being made

without corresponding Schedules.Ÿ This led to huge reconciliation challenges for all parties

involved – PFCs, PFAs, Employers and Banks.

ModelŸ The system leverages the NIBSS e-payment platformŸ It eliminates reconciliation issues being suffered by

stakeholdersŸ It enables seamless online end-to-end funds transfer from

Employers to Pension Funds Administrators' (PFAs) Bank accounts from the comfort of their offices.

EPCCOS StakeholdersThe stakeholders are:Ÿ Employers (186,000)Ÿ PFAs (20)Ÿ PFCs (4)Ÿ NIBSSŸ PENCOM – Regulator


NIBSS Products and Services Catalogue NIBSS Products and Services Catalogue1 2

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ELECTRONIC REFERENCE (E-REFERENCE) PORTAL This is a web-based document management system that facilitates the dispatch and receipt of documents electronically (e-documents) amongst users, particularly Deposit Money Banks, within the Nigeria Banking System. Regulatory guidelines specify that some categories of customers have to be referenced by other account holders within the banking industry before such accounts can be opened. Hitherto, hard copy, paper based reference forms were sent from various bank branches to other banks' branches thus creating a documentation glut and unnecessary delays at banks with attendant customer service failure.

The E-reference portal facilitates this entire process with the press of a button.

System FeaturesŸ Secure web-based platform, hence there will be no

direct interconnection requirements among banks.Ÿ Clearing of paper-based not-for-value inter-bank items. Ÿ Bank user from any branch will be able to upload

scanned completed reference forms as well as any other document for the attention of another bank.

Ÿ Presenting Bank user will be able to search / view / download e-documents / forms approved or rejected by the Receiving Bank.

Ÿ Receiving Bank user will be able to search / view / download and treat incoming e-documents / forms from other banks.

Ÿ On-Line-Real-Time follow-up by Presenting Bank. Ÿ On-Line-Real-Time approval by Receiving Bank. Ÿ Regulatory authorities will be able to monitor defaulting

Receiving Banks.

INDUSTRY SERVICES & E-PORTALS

E-Portals and Industry services refer to those value added services NIBSS offers to Banks and other players in the financial sector to reduce costs, optimize service delivery, enhance operational efficiency and ease the performance of day to day routine activities in the financial sector.

The E-Portals and Industry services NIBSS currently offers are as follows:

ANTI-FRAUD PORTALIn order to curb the activities of fraudsters and fraudulent transactions prevalent in the financial sector, NIBSS deployed the Anti-Fraud Portal, which was designed as a shared platform where frauds and fraudsters can be reported, monitored and tracked to avoid a reoccurrence within the sector.

Thus, a fraudster or a fraudulent transaction noticed or perpetuated within the industry is reported or captured on this portal to enable other players have prior knowledge of the nature and form of such questionable transactions or individuals and prevent a reoccurrence.

The Anti-Fraud Portal was extensively reviewed by the relevant stakeholders, officials and regulators within the Banking sector and financial industry at large and was adjudged a winning tool to sanitize and protect the sector.

ObjectivesŸ To provide a common fraud reporting platform for the

Payment Industry. Ÿ To provide a means of alerting / notifying other financial

institutions about customers who were found culpable in proven fraud cases.

AUTHORIZED SIGNATORY VERIFICATION (ASV) PORTAL The AVS portal is an electronic central repository for all signature specimen of relevant staff of all banks and financial institutions. NIBSS provides all banks with access to this electronic database to enable accredited bank operatives perform necessary verification of authorized signatories of banks and financial institutions.

The ASV portal was created in order to replace the otherwise cumbersome and inordinate process of determining and identifying the authenticity and accuracy of signatories representing the various financial institutions, particularly when such officials endorse letters and other formal correspondence within the financial industry.

In the past, every bank or financial institution was required collate the signature specimen of all their staff nationwide into a single book and circulate this book to all other financial institutions. Thus, thousands of ASV books with hundreds of thousands of specimen signatures were printed by every bank and circulated to all other banks and other financial institutions, under the aegis of the Committee of Chief Inspector of Banks (CCIB). These books easily and quickly became outdated due to staff attrition, change of staff's role and the likes thus necessitating a revision of the book on an annual basis with huge cost implications.

In summary, ASV was developed:Ÿ To provide a portal to warehouse the database of all

authorized signatories in Deposit Money Banks for easy access to accredited Bank operatives.

Ÿ To provide a means of verifying signatories in inter-bank documents and transaction.

Ÿ To provide a means of performing update on existing signatories and to delete as the need arises.

Ÿ To keep an audit trail of all activities done on the portal.


ELECTRONIC PENSION CONTRIBUTIONS COLLECTION SYSTEM (EPCCOS) The Electronic Pension Contributions Collection System (EPCCOS) is a web-based e-Payment Collections platform, developed by NIBSS in partnership with Pension Operators (PenOp) Association of Nigeria. The portal was designed to facilitate the remittance of employees' Pension Contribution to their various Pension Fund Administrators in an organized and timely manner.

Hitherto, these remittances were done manually with schedules distributed to the various PFAs and payments separately to the PFCs often with reconciliation issues. EPCCOS manages this entire process end-to-end with prompt notification to all parties namely the employers, the PFA and the PFC.

EPCOSS has greatly assisted employers comply with the Pension Reform Act guideline stipulating that employers must remit employees' Pension Contributions within 7 days of staff salary payments.

Problem DescriptionŸ Payments or Remittances of Pensions were being made

without corresponding Schedules.Ÿ This led to huge reconciliation challenges for all parties

involved – PFCs, PFAs, Employers and Banks.

ModelŸ The system leverages the NIBSS e-payment platformŸ It eliminates reconciliation issues being suffered by

stakeholdersŸ It enables seamless online end-to-end funds transfer from

Employers to Pension Funds Administrators' (PFAs) Bank accounts from the comfort of their offices.

EPCCOS StakeholdersThe stakeholders are:Ÿ Employers (186,000)Ÿ PFAs (20)Ÿ PFCs (4)Ÿ NIBSSŸ PENCOM – Regulator



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ELECTRONIC REFERENCE (E-REFERENCE) PORTAL This is a web-based document management system that facilitates the dispatch and receipt of documents electronically (e-documents) amongst users, particularly Deposit Money Banks, within the Nigeria Banking System. Regulatory guidelines specify that some categories of customers have to be referenced by other account holders within the banking industry before such accounts can be opened. Hitherto, hard copy, paper based reference forms were sent from various bank branches to other banks' branches thus creating a documentation glut and unnecessary delays at banks with attendant customer service failure.

The E-reference portal facilitates this entire process with the press of a button.

System FeaturesŸ Secure web-based platform, hence there will be no

direct interconnection requirements among banks.Ÿ Clearing of paper-based not-for-value inter-bank items. Ÿ Bank user from any branch will be able to upload

scanned completed reference forms as well as any other document for the attention of another bank.

Ÿ Presenting Bank user will be able to search / view / download e-documents / forms approved or rejected by the Receiving Bank.

Ÿ Receiving Bank user will be able to search / view / download and treat incoming e-documents / forms from other banks.

Ÿ On-Line-Real-Time follow-up by Presenting Bank. Ÿ On-Line-Real-Time approval by Receiving Bank. Ÿ Regulatory authorities will be able to monitor defaulting

Receiving Banks.


NIGERIA IDENTITY DOCUMENT VERIFICATION SERVICE (E-PASSPORT VERIFICATION SERVICE)The Nigeria Identity Document Verification Service was conceived as a way of unifying access to the various and relevant identity schemes in Nigeria for ease of verifying the authenticity any such identification documents.

The service commenced by providing access to the Nigeria Immigration data base to facilitate the banks' validation of customer's international passports provided as a means of customer identification for account opening and other purposes. Thus, the service is currently called the electronic Passport Verification (e-Passport) Service.

Future phases of the Nigeria Identity Document Verification Service would include integration with the date base of FRSC and INEC for the validation of Driver's Licenses and Voter's Cards respectively.

Basic Features & Bene�tsŸ Interfaces the database of Nigeria Immigration Service

for validation of International Passport Bio-data and Picture of passport holders.

Ÿ The service is designed to enable real time, on-line verification of the identity of bank customers seeking to transact any business that require their identity verification e.g. account opening, third party Cheque collection at bank teller points, international money transfer collections, among others.

Ÿ The portal gives banks the comfort of genuineness, authenticity and validity of passports.

Ÿ It reduces cases of identity theft and frauds perpetrated by bank customers using invalid identity cards, particularly passports until other means of identity verification are incorporated to the scheme.

NIGERIA AUTOMATED CLEARING SYSTEM (NACS)

NACS is used to describe the automated clearing system of the entire banking and financial industry for both electronic instruments (NEFT) and derivatives/images of paper-based instruments (cheques). Hitherto, the Nigerian Clearing System was manually operated and paper based, such that instruments took several days to clear and the beneficiary receive value. However, with the automation of the clearing system, this whole process takes less than 48hrs in its entirety.

NACS also made possible the Cheque Truncation System where physical clearing instruments are dematerialized into electronic format at a stage within the bank of first deposit (Presenting Bank) while only the electronic format (images/MICR data) is transmitted electronically to the Clearing House. The original physical instrument is subsequently warehoused by the Presenting bank.

Features of automated clearingŸ Efficient and cost-effective processing of clearing

instruments, based on electronic data presentationŸ Reduces clearing days, hence reducing clearing floatŸ Maintain a Central Clearing Items/Activities DatabaseŸ Multiple Clearing Sessions per dayŸ Encourage the development and integration of other

electronic payment/settlement products in Nigeria.

Bene�ts of automated clearingŸ Lower Cost of OperationŸ Higher EfficiencyŸ Higher Velocity of Money due to Quicker Value

ExchangeŸ Reduction in Incidences of Clearing-Related FraudsŸ Cheque Capture anywhere at any bank's location no

matter how remoteŸ Same Day/Multiple Daily Settlement Ÿ Expansion to other Clearing ZonesŸ Emergence of one National Clearing Center in Lagos.

NIBSS products and services offered on the platform of NACS are as follows

AUTOMATED BULK CLEARING (ABC)Automated Bulk Clearing is an avenue through which funds transfer instructions of corporate and institutional customers of banks which have been captured electronically as a single file are presented or delivered by banks to NIBSS for processing at the Automated Clearing Session.

All these instructions are captured electronically by the customers' bank and submitted to NIBSS via Automated Clearing Operations and are processed in bulk. The ABC operations sorts all these instructions accordingly “bank by bank” and after each clearing session delivers each banks' bunch of instructions originating from other banks to them, also as electronic files. Each bank acts on the basis of these instructions received to give value to their respective customers by crediting the customers' account.

This service was launched as an exclusive NIBSS service on Monday, 9th January 2006 and leverages on the following mechanisms:Ÿ Automated Direct Credits (ADC) is designed to facilitate

paperless clearing of bulk credits (salaries and pensions, shareholders' dividends, etc.) Automated Direct Credits enjoy the same day clearing and settlement.

Ÿ Automated Direct Debits (ADD) is designed to facilitate the remote debiting of bank account e.g. insurance premium payments, schedules donations, utility bill payments like water rates, electricity bills and telephone bills, etc. based on payers' pre-authorizations.

FeaturesŸ Has capabi l i ty for process ing bulk payment

transactions.Ÿ Processes bulk payment file containing several single

NEFT instructions.Ÿ Rides on the NACS clearing engine.Ÿ Batch-oriented electronic funds transfer systemŸ Governed by the NACHA (National Automated Clearing

House Association) operating rulesŸ Provides for the inter-bank clearing of the electronic

payments of participating depository financial institutions.

Ÿ Handles low-value repetitive retail payments.Ÿ It operates daily on 3 clearing sessions, thought it can be

increasedŸ It is an equivalent of the American ACH and the British

BACS in Nigeria

Bene�tsŸ A highly reliable and efficient nationwide batch-

oriented electronic funds transfer system governed by the NACHA OPERATING RULES

Ÿ The network provides for the inter-bank clearing of the electronic payments of participating depository financial institutions

Ÿ It is most often used to process low-value repetitive retail payments.

Nigeria Automated Clearing System (NACS)


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NIGERIA IDENTITY DOCUMENT VERIFICATION SERVICE (E-PASSPORT VERIFICATION SERVICE)The Nigeria Identity Document Verification Service was conceived as a way of unifying access to the various and relevant identity schemes in Nigeria for ease of verifying the authenticity any such identification documents.

The service commenced by providing access to the Nigeria Immigration data base to facilitate the banks' validation of customer's international passports provided as a means of customer identification for account opening and other purposes. Thus, the service is currently called the electronic Passport Verification (e-Passport) Service.

Future phases of the Nigeria Identity Document Verification Service would include integration with the date base of FRSC and INEC for the validation of Driver's Licenses and Voter's Cards respectively.

Basic Features & Bene�tsŸ Interfaces the database of Nigeria Immigration Service

for validation of International Passport Bio-data and Picture of passport holders.

Ÿ The service is designed to enable real time, on-line verification of the identity of bank customers seeking to transact any business that require their identity verification e.g. account opening, third party Cheque collection at bank teller points, international money transfer collections, among others.

Ÿ The portal gives banks the comfort of genuineness, authenticity and validity of passports.

Ÿ It reduces cases of identity theft and frauds perpetrated by bank customers using invalid identity cards, particularly passports until other means of identity verification are incorporated to the scheme.

NIGERIA AUTOMATED CLEARING SYSTEM (NACS)

NACS is used to describe the automated clearing system of the entire banking and financial industry for both electronic instruments (NEFT) and derivatives/images of paper-based instruments (cheques). Hitherto, the Nigerian Clearing System was manually operated and paper based, such that instruments took several days to clear and the beneficiary receive value. However, with the automation of the clearing system, this whole process takes less than 48hrs in its entirety.

NACS also made possible the Cheque Truncation System where physical clearing instruments are dematerialized into electronic format at a stage within the bank of first deposit (Presenting Bank) while only the electronic format (images/MICR data) is transmitted electronically to the Clearing House. The original physical instrument is subsequently warehoused by the Presenting bank.

Features of automated clearingŸ Efficient and cost-effective processing of clearing

instruments, based on electronic data presentationŸ Reduces clearing days, hence reducing clearing floatŸ Maintain a Central Clearing Items/Activities DatabaseŸ Multiple Clearing Sessions per dayŸ Encourage the development and integration of other

electronic payment/settlement products in Nigeria.

Bene�ts of automated clearingŸ Lower Cost of OperationŸ Higher EfficiencyŸ Higher Velocity of Money due to Quicker Value

ExchangeŸ Reduction in Incidences of Clearing-Related FraudsŸ Cheque Capture anywhere at any bank's location no

matter how remoteŸ Same Day/Multiple Daily Settlement Ÿ Expansion to other Clearing ZonesŸ Emergence of one National Clearing Center in Lagos.

NIBSS products and services offered on the platform of NACS are as follows

AUTOMATED BULK CLEARING (ABC)Automated Bulk Clearing is an avenue through which funds transfer instructions of corporate and institutional customers of banks which have been captured electronically as a single file are presented or delivered by banks to NIBSS for processing at the Automated Clearing Session.

All these instructions are captured electronically by the customers' bank and submitted to NIBSS via Automated Clearing Operations and are processed in bulk. The ABC operations sorts all these instructions accordingly “bank by bank” and after each clearing session delivers each banks' bunch of instructions originating from other banks to them, also as electronic files. Each bank acts on the basis of these instructions received to give value to their respective customers by crediting the customers' account.

This service was launched as an exclusive NIBSS service on Monday, 9th January 2006 and leverages on the following mechanisms:Ÿ Automated Direct Credits (ADC) is designed to facilitate

paperless clearing of bulk credits (salaries and pensions, shareholders' dividends, etc.) Automated Direct Credits enjoy the same day clearing and settlement.

Ÿ Automated Direct Debits (ADD) is designed to facilitate the remote debiting of bank account e.g. insurance premium payments, schedules donations, utility bill payments like water rates, electricity bills and telephone bills, etc. based on payers' pre-authorizations.

FeaturesŸ Has capabi l i ty for process ing bulk payment

transactions.Ÿ Processes bulk payment file containing several single

NEFT instructions.Ÿ Rides on the NACS clearing engine.Ÿ Batch-oriented electronic funds transfer systemŸ Governed by the NACHA (National Automated Clearing

House Association) operating rulesŸ Provides for the inter-bank clearing of the electronic

payments of participating depository financial institutions.

Ÿ Handles low-value repetitive retail payments.Ÿ It operates daily on 3 clearing sessions, thought it can be

increasedŸ It is an equivalent of the American ACH and the British

BACS in Nigeria

Bene�tsŸ A highly reliable and efficient nationwide batch-

oriented electronic funds transfer system governed by the NACHA OPERATING RULES

Ÿ The network provides for the inter-bank clearing of the electronic payments of participating depository financial institutions

Ÿ It is most often used to process low-value repetitive retail payments.



PREVIEW


CENTRAL MANDATE MANAGEMENT SYSTEM (CMMS)Central Mandate Management System (CMMS) was introduced by NIBSS Plc to address the problems and challenges faced by Banks, and Utility Service Providers (PayTV, Leasing, insurance companies, etc.) in the settlement of periodic or recurrent bills by subscribers.

CMMS was established as a central electronic repository of pre-authorized and scheduled Direct Debit mandates of Bank customers, who are also subscribers to Utility service companies otherwise called Billers. This new system diarizes the due dates of subscriber payments and debits subscribers' or customers' accounts on due date thus facilitating billers to process bill payments effortlessly and in a cost-effective manner. With CMMS, banks are also able to provide modern bill payment support for their respective corporate and individual customers.

The Central Mandate Management System is designed to aid the successful implementation of the Central Bank of Nigeria's Guidelines on Nigeria Direct Debit Scheme (GNDDS) referenced BOD/DIR/GEN/CIR/01/025A released and published on February 18, 2010.

All the 22 Deposit Money Banks have accepted the Central Mandate Management System as an initiative that would complement the CBN's effort at improving the adoption of Direct Debit payment system in Nigeria.

The following are the value proposition of CMMS:Ÿ An electronic library of Direct Debit mandates

accessible to billers, and banks. Ÿ CMMS features a calendar system which determines

which and when a direct debit instruction is due to be presented and goes ahead to present same through the Automated Clearing House

Ÿ Alerts are sent automatically to subscribers (payers of direct debits) a few days before the debit instruction impacts their accounts, to serve as reminder.

Ÿ CMMS is web-based, and is accessible on the internet so there are no network connection problems. All that Billers and Banks need to access CMMS is internet connection.

Ÿ Physical storage of Mandate letters is no longer compulsory.

Ÿ No more Returns based on the “No Mandate” reason.Ÿ All defaulting subscriber names will be forwarded to

Credit Bureau as may be applicableŸ Provides a great relief to the Billers, banks and customers

in form of regular income, timely revenue and uninterrupted service respectively.

Target customersCMMS is meant for the following customers:Ÿ Banks: Banks are expected to make this channel

available to their customers who wish to do direct debit transactions. They are also expected to sell same solution to Billers.

Ÿ Billers: All Billers are expected to be on this platform. process low-value repetitive retail payments.

E-DIVIDEND PAYMENTNIBSS secured the consent of the Securities and Exchange Commission (SEC) and other major stakeholders of the Nigerian capital market in 2007 to be the sole processor of shareholders dividends. NIBSS has thus integrated the registrar companies in the capital market to the NIBSS Electronic payment network to facilitate the processing and payment of shareholders dividends and interest on Bonds, Shares and other investment through the Automated Clearing House.

Features & Bene�ts of the E-dividendŸ Facilitates the bulk payment of dividends to many

investors directly to their bank accountŸ Reduces or totally eliminates the costs registrars' incur in

having to post dividend warrants to investorsŸ Eliminated the risk of the dividend warrant falling into

the wrong handsŸ Investors receive their dividends straight into their bank

accounts irrespective of their location at any point in time.

Ÿ Leverages on the use of NEFT and ACH which are existing NIBSS infrastructures.


NIBSS ELECTRONIC FUNDS TRANSFER (NEFT)A NEFT is an irrevocable fund transfer instruction where a bank simply captures their customer's funds transfer instructions electronically. However, the bank will first debit the customer's account to ensure that the funds are set aside after which such a bank customer's instruction (along with other customers instructions) are sent to NIBSS as an electronic file for onward processing. NIBSS subsequently processes each electronic file from banks containing several NEFT instructions to ensure the beneficiaries receive value such that their accounts are credited within a few hours.

Example of payments that can be effected with NEFT Credit Transfer service:Ÿ Individual (person-to-person) fund transfersŸ Merchant payments i.e. payments for goods and

servicesŸ Payment of tuitionsŸ Individuals paying utility bodies (water, electricity,

telephone bills, Multichoice, FSTV, etc.)Ÿ Revenue collections by government agencies e.g.

Customs, FIRS, etc.Ÿ Distributor paymentsŸ Government taxesŸ Subscription payments (magazines, clubs, associations,

etc.)Ÿ Charity donationsŸ Payment to religious bodies (churches, mosques)

The NEFT payment system has the following features and benefits:Ÿ Additional consumer payment option.Ÿ 24-Hour credit transfer system, with a nationwide

coverage for transfer instructions cleared through the Lagos Clearing House.

Ÿ Clearing delays eliminated, in case of credit transfersŸ A payment instrument more attractive to merchants

than cheques as the NEFT instrument is an irrevocable transfer instruction.

Ÿ A convenient means of settling regular periodic payments as Direct Credits (payer-initiated) or Direct Debits (payee-initiated)

Ÿ Can be used to pay government taxes, school fees, donations, salaries, as it is practiced in developed countries.

Ÿ Ideal for processing Salary and Pension payments, which are of inter-bank nature.

Ÿ Provides necessary information to the beneficiary e.g. Payer's name, payment narration; this helps the reconciliation process for the beneficiary.

Ÿ An ideal platform for operating banking products of inter-bank nature e.g. inter-bank standing orders.

Merits of using and accepting neft as a payment methodŸ Bank transfers are more secure for both the customer

and the banks. There are no cheques that may be misplaced, lost or stolen. Furthermore, since the payment goes directly from the customer to the bank, there is no possibility of fraudulent alteration of the payment amount.

Ÿ The sender's account is debited immediately in case of credit transfers. This makes account reconciliation much simpler for the customer. The customer does not have to worry about un-presented cheques being debited unexpectedly months later, on presentation by the payee.

Ÿ As NEFT credit transfers are credited directly, the payment process is much quicker than with cheques, which must first be presented to the paying bank in clearing. This can result in improved cash flow.

Ÿ Any payment credited to the beneficiary's account is a cleared item. There is no possibility of the payment being reversed for insufficient funds, drawer's confirmation, irregular signature or any other reasons associated with cheques.

FUNDSWEEPING SERVICEThis is a service where NIBSS upon request of the client or account owner, sweeps funds at agreed intervals from specified accounts domiciled in some commercial banks into some nominated accounts domiciled at some other banks. While the instruction is given once, the sweeping occurs at regular intervals for as long as may be specified by the client. The service leverages on the NEFT and CMMS functionalities of NIBSS.

Parties involvedŸ The Client (e.g. Corporate body, Government Institution,

Authorized Aggregator) Ÿ NIBSS PlcŸ Commercial banks

Process �owŸ Client institution sends payment instruction and

authorization to NIBSS plc.Ÿ NIBSS sends debit instruction as an electronic file to

commercial banks where corporate body's specified accounts are domiciled.

Ÿ NIBSS sends credit instruction to banks where corporate body's nominated accounts are domiciled.

Ÿ NIBSS then send Payment Reports to corporate body periodically.


PREVIEW


CENTRAL MANDATE MANAGEMENT SYSTEM (CMMS)Central Mandate Management System (CMMS) was introduced by NIBSS Plc to address the problems and challenges faced by Banks, and Utility Service Providers (PayTV, Leasing, insurance companies, etc.) in the settlement of periodic or recurrent bills by subscribers.

CMMS was established as a central electronic repository of pre-authorized and scheduled Direct Debit mandates of Bank customers, who are also subscribers to Utility service companies otherwise called Billers. This new system diarizes the due dates of subscriber payments and debits subscribers' or customers' accounts on due date thus facilitating billers to process bill payments effortlessly and in a cost-effective manner. With CMMS, banks are also able to provide modern bill payment support for their respective corporate and individual customers.

The Central Mandate Management System is designed to aid the successful implementation of the Central Bank of Nigeria's Guidelines on Nigeria Direct Debit Scheme (GNDDS) referenced BOD/DIR/GEN/CIR/01/025A released and published on February 18, 2010.

All the 22 Deposit Money Banks have accepted the Central Mandate Management System as an initiative that would complement the CBN's effort at improving the adoption of Direct Debit payment system in Nigeria.

The following are the value proposition of CMMS:Ÿ An electronic library of Direct Debit mandates

accessible to billers, and banks. Ÿ CMMS features a calendar system which determines

which and when a direct debit instruction is due to be presented and goes ahead to present same through the Automated Clearing House

Ÿ Alerts are sent automatically to subscribers (payers of direct debits) a few days before the debit instruction impacts their accounts, to serve as reminder.

Ÿ CMMS is web-based, and is accessible on the internet so there are no network connection problems. All that Billers and Banks need to access CMMS is internet connection.

Ÿ Physical storage of Mandate letters is no longer compulsory.

Ÿ No more Returns based on the “No Mandate” reason.Ÿ All defaulting subscriber names will be forwarded to

Credit Bureau as may be applicableŸ Provides a great relief to the Billers, banks and customers

in form of regular income, timely revenue and uninterrupted service respectively.

Target customersCMMS is meant for the following customers:Ÿ Banks: Banks are expected to make this channel

available to their customers who wish to do direct debit transactions. They are also expected to sell same solution to Billers.

Ÿ Billers: All Billers are expected to be on this platform. process low-value repetitive retail payments.

E-DIVIDEND PAYMENTNIBSS secured the consent of the Securities and Exchange Commission (SEC) and other major stakeholders of the Nigerian capital market in 2007 to be the sole processor of shareholders dividends. NIBSS has thus integrated the registrar companies in the capital market to the NIBSS Electronic payment network to facilitate the processing and payment of shareholders dividends and interest on Bonds, Shares and other investment through the Automated Clearing House.

Features & Bene�ts of the E-dividendŸ Facilitates the bulk payment of dividends to many

investors directly to their bank accountŸ Reduces or totally eliminates the costs registrars' incur in

having to post dividend warrants to investorsŸ Eliminated the risk of the dividend warrant falling into

the wrong handsŸ Investors receive their dividends straight into their bank

accounts irrespective of their location at any point in time.

Ÿ Leverages on the use of NEFT and ACH which are existing NIBSS infrastructures.


NIBSS ELECTRONIC FUNDS TRANSFER (NEFT)A NEFT is an irrevocable fund transfer instruction where a bank simply captures their customer's funds transfer instructions electronically. However, the bank will first debit the customer's account to ensure that the funds are set aside after which such a bank customer's instruction (along with other customers instructions) are sent to NIBSS as an electronic file for onward processing. NIBSS subsequently processes each electronic file from banks containing several NEFT instructions to ensure the beneficiaries receive value such that their accounts are credited within a few hours.

Example of payments that can be effected with NEFT Credit Transfer service:Ÿ Individual (person-to-person) fund transfersŸ Merchant payments i.e. payments for goods and

servicesŸ Payment of tuitionsŸ Individuals paying utility bodies (water, electricity,

telephone bills, Multichoice, FSTV, etc.)Ÿ Revenue collections by government agencies e.g.

Customs, FIRS, etc.Ÿ Distributor paymentsŸ Government taxesŸ Subscription payments (magazines, clubs, associations,

etc.)Ÿ Charity donationsŸ Payment to religious bodies (churches, mosques)

The NEFT payment system has the following features and benefits:Ÿ Additional consumer payment option.Ÿ 24-Hour credit transfer system, with a nationwide

coverage for transfer instructions cleared through the Lagos Clearing House.

Ÿ Clearing delays eliminated, in case of credit transfersŸ A payment instrument more attractive to merchants

than cheques as the NEFT instrument is an irrevocable transfer instruction.

Ÿ A convenient means of settling regular periodic payments as Direct Credits (payer-initiated) or Direct Debits (payee-initiated)

Ÿ Can be used to pay government taxes, school fees, donations, salaries, as it is practiced in developed countries.

Ÿ Ideal for processing Salary and Pension payments, which are of inter-bank nature.

Ÿ Provides necessary information to the beneficiary e.g. Payer's name, payment narration; this helps the reconciliation process for the beneficiary.

Ÿ An ideal platform for operating banking products of inter-bank nature e.g. inter-bank standing orders.

Merits of using and accepting neft as a payment methodŸ Bank transfers are more secure for both the customer

and the banks. There are no cheques that may be misplaced, lost or stolen. Furthermore, since the payment goes directly from the customer to the bank, there is no possibility of fraudulent alteration of the payment amount.

Ÿ The sender's account is debited immediately in case of credit transfers. This makes account reconciliation much simpler for the customer. The customer does not have to worry about un-presented cheques being debited unexpectedly months later, on presentation by the payee.

Ÿ As NEFT credit transfers are credited directly, the payment process is much quicker than with cheques, which must first be presented to the paying bank in clearing. This can result in improved cash flow.

Ÿ Any payment credited to the beneficiary's account is a cleared item. There is no possibility of the payment being reversed for insufficient funds, drawer's confirmation, irregular signature or any other reasons associated with cheques.

FUNDSWEEPING SERVICEThis is a service where NIBSS upon request of the client or account owner, sweeps funds at agreed intervals from specified accounts domiciled in some commercial banks into some nominated accounts domiciled at some other banks. While the instruction is given once, the sweeping occurs at regular intervals for as long as may be specified by the client. The service leverages on the NEFT and CMMS functionalities of NIBSS.

Parties involvedŸ The Client (e.g. Corporate body, Government Institution,

Authorized Aggregator) Ÿ NIBSS PlcŸ Commercial banks

Process �owŸ Client institution sends payment instruction and

authorization to NIBSS plc.Ÿ NIBSS sends debit instruction as an electronic file to

commercial banks where corporate body's specified accounts are domiciled.

Ÿ NIBSS sends credit instruction to banks where corporate body's nominated accounts are domiciled.

Ÿ NIBSS then send Payment Reports to corporate body periodically.


PREVIEW

Nigeria Automated Clearing System (NACS) Nigeria Central Switch (NCS)

NIBSS INTRA-DAY EXPOSURE SYSTEM (NIDES)NIBSS enriches settlement operations, particularly in the banking system with the NIBSS Intra-day Exposure System (NIDES). It enables all Bank Treasurers and Fund Managers to monitor exposures between banks.

Each of the Banks connected to NIDES are enabled to have early online access to their bank's exposures to other banks for transactions in the inter-bank money market.

With NIDES, banks could make investment decisions based on the information retrieved. Where a bank treasurer foresees a position that requires shoring up the funding of its activities, it can easily use the bank's exposure position to access credit from other banks.

In a situation of perceived excess funds at close of business, information obtained from NIDES could be used as a guide to exploring investment outlets for excess funds it may end the day with.

This is a value-added service to banks.

FeaturesŸ It is a value-added service to Banks.Ÿ Monitors exposures between BanksŸ Provides banks with an early on-line access of their

bank's exposures to other banks.Ÿ Furnishes banks with information on their exposure

position

Bene�tsŸ NIDES is a free service to the BanksŸ Treasurers and Fund Managers of Banks connected to

NIDES use its information for transactions in the inter-bank money market.

Ÿ Information retrieved from NIDES enables bank to be able to make better informed investment decision.

Ÿ Where a bank treasurer foresees a position that requires shoring up the funding of its activities, it can easily use the bank's exposure position to access credit from other banks.

Ÿ In a situation of perceived excess funds at close of business, information obtained from NIDES could be used as a guide to exploring investment outlets for excess funds it may end the day with.

SETTLEMENT SERVICESPrivate switching companies and the Central Securities Clearing System Limited (the clearing system of the Nigeria Capital Market) rely on NIBSS for the settlement of their operations. The settlement data of these companies are transmitted electronically to NIBSS daily (over the NIBSS secure payment network). The NIBSS settlement engine processes received data and aggregates same through the RTGS of the CBN.

Appropriate electronic advices are provided to banks and other stakeholders in every processing cycle.

NIGERIA CENTRAL SWITCH (NCS)

As the Nigeria Central Switch, NIBSS is responsible for the interoperability of the various players in the financial system. Interoperability involves the ability of the various players namely; Banks, Mobile Payment Operators, Non-Banking Financial Institutions, Payment Terminal Providers, Card Acquirers, Government Institutions etc., and their customers to send, receive and process funds, documents and other instruments electronically through a common channel – NIBSS.

NIBSS also ensures that the central switch facilitates the entry of new players into the financial industry to seamlessly plug into the financial services sector for easy operations thus creating a level playing field for all financial institutions and their customers.

NIBSS Products and services which leverage on the NCS are as follows:

NIBSS INSTANT PAYMENT (NIP)NIBSS Instant Payment is so far, the most innovative and revolutionary e-payment solution designed by NIBSS to service the banking industry. NIP is the first and only point to point funds transfer service that guarantees instant value to the beneficiary. Nigeria is the only country in Africa and essentially, the world to have deployed such a solution.

The service is majorly offered via bank's internet banking platforms for corporates and individuals as well as through the banks' branch network.

Features of NIBSS instant paymentŸ On-Line Real-Time payment deliveryŸ Inter-Bank Credit TransferŸ Based on Bank Account Numbers (non-Card)Ÿ Authentication is done by sending BankŸ Ideal for single-item payments e.g. P2P, B2B, P2B, B2P,

revenue collection

Delivery channelsŸ Bank BranchesŸ Existing Internet Banking channel of BanksŸ MobileŸ E-Commerce (Online Payments)Ÿ Platform on which other bank products can be

deployed e.g. B2B

Operational modalitiesŸ Instant Payments is operated on the NCS infrastructuresŸ Instant Payments message traffic is directed to the Core

Banking System(CBS), not card-based Front-End Processor

Ÿ NIP Switch receives credit leg from one bank's CBS and route to another bank's CBN

Ÿ Routing is based on CBN-assigned 3-digit Bank CodeŸ Settlement is in line with Nigeria Automat Clearing

System Settlement regime, which gives same day value.Ÿ 12am cut-over time for settlement purposes as well as

generation and delivery of necessary reports.

NIBSS E-BILLS PAYNIBSS eBillPay is an account-number-based, online 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 such as Internet Banking (IB), Mobile Banking, Kiosk, etc. while leveraging on the security measures provided by these channels with a view to making payments to signed-up Billers.

Features of NIBSS ebillpayŸ On-Line Real-Time payment delivery: Payments can be

made to any Biller as long as the Biller is signed onto the NIBSS eBillPay service and with the assurance that the Biller would receive value in real time mode.

Ÿ Inter-Bank in nature: This service leverages the NIBSS Instant Payment (NIP) platform that all banks have connected to. As a result of this, there is seamless and straight-through processing from the initiation point to the beneficiary.

Ÿ Based on Bank Account Numbers (non – Card): Unlike other payment services that requires the use of cards, NIBSS eBillPay is based on Account numbers of bank customers

Ÿ Authentication is done by Sending Bank: By virtue of the Sending Bank being the source of transactions, authentication (determining that the customer is who he claims he is) is done by the Sending Bank.

Ÿ Biller Notification: The service provides a means of notifying Billers of payments made by customers with (a) SMS alerts in real time mode and (b) online real-time web/remote access to the NIBSS Payment Gateway for Biller to view transactions in real time.


PREVIEW

Nigeria Automated Clearing System (NACS) Nigeria Central Switch (NCS)

NIBSS INTRA-DAY EXPOSURE SYSTEM (NIDES)NIBSS enriches settlement operations, particularly in the banking system with the NIBSS Intra-day Exposure System (NIDES). It enables all Bank Treasurers and Fund Managers to monitor exposures between banks.

Each of the Banks connected to NIDES are enabled to have early online access to their bank's exposures to other banks for transactions in the inter-bank money market.

With NIDES, banks could make investment decisions based on the information retrieved. Where a bank treasurer foresees a position that requires shoring up the funding of its activities, it can easily use the bank's exposure position to access credit from other banks.

In a situation of perceived excess funds at close of business, information obtained from NIDES could be used as a guide to exploring investment outlets for excess funds it may end the day with.

This is a value-added service to banks.

FeaturesŸ It is a value-added service to Banks.Ÿ Monitors exposures between BanksŸ Provides banks with an early on-line access of their

bank's exposures to other banks.Ÿ Furnishes banks with information on their exposure

position

Bene�tsŸ NIDES is a free service to the BanksŸ Treasurers and Fund Managers of Banks connected to

NIDES use its information for transactions in the inter-bank money market.

Ÿ Information retrieved from NIDES enables bank to be able to make better informed investment decision.

Ÿ Where a bank treasurer foresees a position that requires shoring up the funding of its activities, it can easily use the bank's exposure position to access credit from other banks.

Ÿ In a situation of perceived excess funds at close of business, information obtained from NIDES could be used as a guide to exploring investment outlets for excess funds it may end the day with.

SETTLEMENT SERVICESPrivate switching companies and the Central Securities Clearing System Limited (the clearing system of the Nigeria Capital Market) rely on NIBSS for the settlement of their operations. The settlement data of these companies are transmitted electronically to NIBSS daily (over the NIBSS secure payment network). The NIBSS settlement engine processes received data and aggregates same through the RTGS of the CBN.

Appropriate electronic advices are provided to banks and other stakeholders in every processing cycle.

NIGERIA CENTRAL SWITCH (NCS)

As the Nigeria Central Switch, NIBSS is responsible for the interoperability of the various players in the financial system. Interoperability involves the ability of the various players namely; Banks, Mobile Payment Operators, Non-Banking Financial Institutions, Payment Terminal Providers, Card Acquirers, Government Institutions etc., and their customers to send, receive and process funds, documents and other instruments electronically through a common channel – NIBSS.

NIBSS also ensures that the central switch facilitates the entry of new players into the financial industry to seamlessly plug into the financial services sector for easy operations thus creating a level playing field for all financial institutions and their customers.

NIBSS Products and services which leverage on the NCS are as follows:

NIBSS INSTANT PAYMENT (NIP)NIBSS Instant Payment is so far, the most innovative and revolutionary e-payment solution designed by NIBSS to service the banking industry. NIP is the first and only point to point funds transfer service that guarantees instant value to the beneficiary. Nigeria is the only country in Africa and essentially, the world to have deployed such a solution.

The service is majorly offered via bank's internet banking platforms for corporates and individuals as well as through the banks' branch network.

Features of NIBSS instant paymentŸ On-Line Real-Time payment deliveryŸ Inter-Bank Credit TransferŸ Based on Bank Account Numbers (non-Card)Ÿ Authentication is done by sending BankŸ Ideal for single-item payments e.g. P2P, B2B, P2B, B2P,

revenue collection

Delivery channelsŸ Bank BranchesŸ Existing Internet Banking channel of BanksŸ MobileŸ E-Commerce (Online Payments)Ÿ Platform on which other bank products can be

deployed e.g. B2B

Operational modalitiesŸ Instant Payments is operated on the NCS infrastructuresŸ Instant Payments message traffic is directed to the Core

Banking System(CBS), not card-based Front-End Processor

Ÿ NIP Switch receives credit leg from one bank's CBS and route to another bank's CBN

Ÿ Routing is based on CBN-assigned 3-digit Bank CodeŸ Settlement is in line with Nigeria Automat Clearing

System Settlement regime, which gives same day value.Ÿ 12am cut-over time for settlement purposes as well as

generation and delivery of necessary reports.

NIBSS E-BILLS PAYNIBSS eBillPay is an account-number-based, online 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 such as Internet Banking (IB), Mobile Banking, Kiosk, etc. while leveraging on the security measures provided by these channels with a view to making payments to signed-up Billers.

Features of NIBSS ebillpayŸ On-Line Real-Time payment delivery: Payments can be

made to any Biller as long as the Biller is signed onto the NIBSS eBillPay service and with the assurance that the Biller would receive value in real time mode.

Ÿ Inter-Bank in nature: This service leverages the NIBSS Instant Payment (NIP) platform that all banks have connected to. As a result of this, there is seamless and straight-through processing from the initiation point to the beneficiary.

Ÿ Based on Bank Account Numbers (non – Card): Unlike other payment services that requires the use of cards, NIBSS eBillPay is based on Account numbers of bank customers

Ÿ Authentication is done by Sending Bank: By virtue of the Sending Bank being the source of transactions, authentication (determining that the customer is who he claims he is) is done by the Sending Bank.

Ÿ Biller Notification: The service provides a means of notifying Billers of payments made by customers with (a) SMS alerts in real time mode and (b) online real-time web/remote access to the NIBSS Payment Gateway for Biller to view transactions in real time.


PREVIEW

Nigeria Central Switch (NCS) Nigeria Central Switch (NCS)

PAYMENT TERMINAL SERVICE AGGREGATOR (PTSA)NIBSS is the sole catalyst of interoperability and aggregation in the payments industry. Aggregation involves the interconnectivity of all terminals deployed in the system. NIBSS ensures that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

NIBSS ensures technical and operational standardization of all devices deployed in the financial system. This assures a constant availability and uniform functionality of the terminals and devices. The emphasis is on the ubiquity of payment process in Nigeria.

NIBSS provides a reliable data channel, effective interoperability and ensures higher Point of Sale Terminal (PoS) availability. NIBSS also enables Value Added Services on PoS (VAS on PoS) as well as provides services on terminal certification.

NIBSS enables Next Day settlement of Merchants for POS transactions.

MOBILE PAYMENTS INTEROPERABILITYNIBSS also provides services to the players in Mobile payments to enable them interoperate with banks and other financial institutions. This helps Mobile Money providers offer a wide array of services to their clients and subscribers.

These include but are not limited to:Ÿ Cash in/cash outŸ Funds transfer to other Mobile Money OperatorsŸ Transfers to bank accountsŸ SettlementŸ Shared Agency NetworkŸ Bill PaymentŸ Mobile Banking

CENTRALPAY PAYMENT GATEWAYNIBSS Central payment gateway, an e-commerce application service solution. It is a service that authorizes customer payments to e-businesses. It is simply the web equivalent of a physical point of sale terminal located at a retail outlet. CentralPay is a payment gateway application developed by NIBSS. With CetralPay, web merchants can easily receive payments online from their customers in exchange for goods and services.

Essentially, NIBSS Central Payment gateway comes in two variants: CentralPay Card Solution and CentralPay Account Solution.

CentralPay CardThis is an Internet Payment Gateway developed to facilitate payments on the Internet using all card types (local and International). Central pay plugs-in to new and existing merchant websites and acts as a bridge between a merchant's website and financial institutions (banks) to process payment transactions using cards.

CentralPay Account SolutionThis is an Account based Internet Payment Gateway built on the NIBSS Instant payment platform. Central pay aacount plugs-in to new and existing merchant websites and allows customers pay merchants in real-time using already existing internet banking credentials.

Basic feautures and bene�ts of centralpayThe following are the basic features and benefits of the CentralPay gateway:Ÿ Seamless web merchant integrationŸ Ability to report on a more analytical levelŸ It is a Gateway that enables payment from merchant

web sitesŸ It provides the merchant with secure fund sweeping of

all transactionsŸ It enables a T+1 settlement of all merchant web

transactionŸ It provides the financial industry with a platform that

accepts all card schemesŸ It provides efficient report of merchant web activities

ACCOUNT VERIFICATION SERVICE (AVS)Sequel to the introduction of the Nigeria Unified Bank Account Number (NUBAN), a scheme which pioneered the introduction of 10-digit account numbers across all banks in Nigeria, it became imperative to provide users and the general public with a means of independently confirming that an account number is valid under the NUBAN.

Thus, NIBSS introduced the Account Verification Service (AVS) to eliminate the incidence of invalid Customer Details in EFT instructions. With the AVS, individuals as well as financial institutions presenting instruments for payment can verify the validity and correctness of Beneficiaries' Bank Account Details prior to the processing the actual payment instruction.

FeaturesŸ It utilizes a NUBAN checker connected to the switchŸ Performs account validationŸ Separates NUBAN compliant from non-NUBAN

compliant accountsŸ It is available on NIBSS web siteŸ It can be automated to check bulk files/schedules

containing payment instructions.

Bene�tsŸ It improves efficiency and reduces number of failed

transactions when processing bulk payment through EFT.

Ÿ Guarantees high success rate for bulk payment transaction.

Ÿ It is offered as a free serviceŸ Useful for payment schedule clean-up


PREVIEW PREVIEW

CORPORATE LOUNGECorporate Lounge is an electronic service that allows individuals and organizations with multiple bank accounts domiciled in different banks in Nigeria see all of their online financial information, all in one place. It provides a single platform to view them all centrally. This service leverages on the ability of NIBSS Instant Payment (NIP) to check account balance and transfer funds between accounts irrespective of the banks involved.

Basic features and benefits of “corporate lounge”The following are the basic features and benefits of Single.

View as a financial management tool:Ÿ Organizations will no longer need to separately log on to

the internet banking page of every bank where they maintain accounts.

Ÿ Online real-time view of bank account balances. The balances displayed will be the same as what will be displayed if one is to separately log on to the different internet banking sites of the banks.

Ÿ Corporate lounge will manage as many accounts as an organization maintain in different banks.

Ÿ Requires only ONE password (One log-on details).Ÿ Robust firewall protection makes it nearly impossible to

break through.Ÿ Latest encryption technology will be used for

transmitting data and information.Ÿ Latest encryption technology will be used for

transmitting data and information.Ÿ Automatic time-outs ensure that your account details

are not viewed by othersŸ Absolute safety for your money as you can always view

your accounts through a single log-on.Ÿ Quick View displays information and can be used for

financial transactions.Ÿ Authorized personnel shall be set up to manage the

service on-line, real-time.Ÿ Flexibility in adding and deleting of bank accounts.Ÿ Effective budgeting and forecasting due to the

availability of adequate information on account balances at any point in time.

Nigeria Central Switch (NCS) Nigeria Central Switch (NCS)

PAYMENT TERMINAL SERVICE AGGREGATOR (PTSA)NIBSS is the sole catalyst of interoperability and aggregation in the payments industry. Aggregation involves the interconnectivity of all terminals deployed in the system. NIBSS ensures that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

NIBSS ensures technical and operational standardization of all devices deployed in the financial system. This assures a constant availability and uniform functionality of the terminals and devices. The emphasis is on the ubiquity of payment process in Nigeria.

NIBSS provides a reliable data channel, effective interoperability and ensures higher Point of Sale Terminal (PoS) availability. NIBSS also enables Value Added Services on PoS (VAS on PoS) as well as provides services on terminal certification.

NIBSS enables Next Day settlement of Merchants for POS transactions.

MOBILE PAYMENTS INTEROPERABILITYNIBSS also provides services to the players in Mobile payments to enable them interoperate with banks and other financial institutions. This helps Mobile Money providers offer a wide array of services to their clients and subscribers.

These include but are not limited to:Ÿ Cash in/cash outŸ Funds transfer to other Mobile Money OperatorsŸ Transfers to bank accountsŸ SettlementŸ Shared Agency NetworkŸ Bill PaymentŸ Mobile Banking

CENTRALPAY PAYMENT GATEWAYNIBSS Central payment gateway, an e-commerce application service solution. It is a service that authorizes customer payments to e-businesses. It is simply the web equivalent of a physical point of sale terminal located at a retail outlet. CentralPay is a payment gateway application developed by NIBSS. With CetralPay, web merchants can easily receive payments online from their customers in exchange for goods and services.

Essentially, NIBSS Central Payment gateway comes in two variants: CentralPay Card Solution and CentralPay Account Solution.

CentralPay CardThis is an Internet Payment Gateway developed to facilitate payments on the Internet using all card types (local and International). Central pay plugs-in to new and existing merchant websites and acts as a bridge between a merchant's website and financial institutions (banks) to process payment transactions using cards.

CentralPay Account SolutionThis is an Account based Internet Payment Gateway built on the NIBSS Instant payment platform. Central pay aacount plugs-in to new and existing merchant websites and allows customers pay merchants in real-time using already existing internet banking credentials.

Basic feautures and bene�ts of centralpayThe following are the basic features and benefits of the CentralPay gateway:Ÿ Seamless web merchant integrationŸ Ability to report on a more analytical levelŸ It is a Gateway that enables payment from merchant

web sitesŸ It provides the merchant with secure fund sweeping of

all transactionsŸ It enables a T+1 settlement of all merchant web

transactionŸ It provides the financial industry with a platform that

accepts all card schemesŸ It provides efficient report of merchant web activities

ACCOUNT VERIFICATION SERVICE (AVS)Sequel to the introduction of the Nigeria Unified Bank Account Number (NUBAN), a scheme which pioneered the introduction of 10-digit account numbers across all banks in Nigeria, it became imperative to provide users and the general public with a means of independently confirming that an account number is valid under the NUBAN.

Thus, NIBSS introduced the Account Verification Service (AVS) to eliminate the incidence of invalid Customer Details in EFT instructions. With the AVS, individuals as well as financial institutions presenting instruments for payment can verify the validity and correctness of Beneficiaries' Bank Account Details prior to the processing the actual payment instruction.

FeaturesŸ It utilizes a NUBAN checker connected to the switchŸ Performs account validationŸ Separates NUBAN compliant from non-NUBAN

compliant accountsŸ It is available on NIBSS web siteŸ It can be automated to check bulk files/schedules

containing payment instructions.

Bene�tsŸ It improves efficiency and reduces number of failed

transactions when processing bulk payment through EFT.

Ÿ Guarantees high success rate for bulk payment transaction.

Ÿ It is offered as a free serviceŸ Useful for payment schedule clean-up


PREVIEW PREVIEW

CORPORATE LOUNGECorporate Lounge is an electronic service that allows individuals and organizations with multiple bank accounts domiciled in different banks in Nigeria see all of their online financial information, all in one place. It provides a single platform to view them all centrally. This service leverages on the ability of NIBSS Instant Payment (NIP) to check account balance and transfer funds between accounts irrespective of the banks involved.

Basic features and benefits of “corporate lounge”The following are the basic features and benefits of Single.

View as a financial management tool:Ÿ Organizations will no longer need to separately log on to

the internet banking page of every bank where they maintain accounts.

Ÿ Online real-time view of bank account balances. The balances displayed will be the same as what will be displayed if one is to separately log on to the different internet banking sites of the banks.

Ÿ Corporate lounge will manage as many accounts as an organization maintain in different banks.

Ÿ Requires only ONE password (One log-on details).Ÿ Robust firewall protection makes it nearly impossible to

break through.Ÿ Latest encryption technology will be used for

transmitting data and information.Ÿ Latest encryption technology will be used for

transmitting data and information.Ÿ Automatic time-outs ensure that your account details

are not viewed by othersŸ Absolute safety for your money as you can always view

your accounts through a single log-on.Ÿ Quick View displays information and can be used for

financial transactions.Ÿ Authorized personnel shall be set up to manage the

service on-line, real-time.Ÿ Flexibility in adding and deleting of bank accounts.Ÿ Effective budgeting and forecasting due to the

availability of adequate information on account balances at any point in time.

Special Projects and Others Special Projects and Others

SPECIAL PROJECTS AND OTHERS

NIBSS as an enabler in the banking sector, is also engaged in some special projects designed to enhance various aspects of the financial sector. Capacity building, enhancing technical knowledge, improving the integrity of the financial system and laying requisite foundations to support such form part of the special & other projects that NIBSS is currently engaged in.

Some of them are:

BIOMETRICSWith the increasing incidence of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes. Biometrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature etc.

Today, NIBSS PLC is the driver of the Nigerian Financial System Biometric project.

Objective of the projectTo use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer's identity at point of transactions.

FeaturesThe biometric authentication system mainly comprises the following functional units:Ÿ Sensor device - for acquisition of biometric raw dataŸ Feature extractor - to create biometric template for each

individual featureŸ Matcher - to compare the actual biometric template

with the stored reference templatesŸ Reference archive - for storing the biometric reference

templates

Bene�tsŸ Credit Check: Access to individual's credit information

with respect to ratings and total exposureŸ Kyc: Extraction of Kyc details from a centralized database

during account openingŸ Fraud Management: Identification of blacklisted

customers

Ÿ Transaction Processing: To authenticate transactions without the use of cards using only biometric features and PIN

BUSINESS ACTIVITY MONITORING (BAM)NIBSS, in partnership with SIBS International, is ready to provide to the banks real-time business activity information. NIBSS can provide valuable data and business analytics as to the bank's individual contribution to overall performance in comparison to industry figures. This equips banks and other players with the statistical muscle needed to navigate today's complex financial terrain.

Such business analytics include transactional volumes and values, product performance trending (by minute, hours, days or months), industry performance comparisons and many others.

Some of the Products/Services to be monitored for which such information can be provided are;Ÿ NIBSS Instant Payment (NIP)Ÿ Point of Sale (POS)Ÿ Electronic Bills Payment (E-BillsPay)Ÿ ChequeŸ NIBSS Electronic Fund Transfer (NEFT)Ÿ Automated Teller Machine (ATM)

Bene�ts of BAM to banksThe banks will be able to benefit from the following features;Ÿ Access real-time information anytime anywhere

through an internet connection (i.e. NIBSS-Bank VPN connection)

Ÿ Access for multidisciplinary bank teams Ÿ Access to dashboards of banks activity per service Ÿ Drilldown on the KPI's for each service Ÿ Perform comparisons between KPI's from different

channels (e.g. NIP through Internet banking vs Mobile channel)

Ÿ Receive alerts from fall out of the thresholds directed to operational and management teams

Features of the BAM portal Ÿ Web browser graphical interfaceŸ Segregated access profilesŸ Real-time Analysis Ÿ Multiple Angles of Analysis Ÿ Historical Data Comparison Ÿ Predictive Analytics

E-PAYMENT TRAININGNIBSS operates a corporate Training Center, providing specialized Electronic Payments courses for the personnel of Banks, other corporate entities, and government agencies.

We run open courses for interested participants at regular intervals and also organize corporate programs for specific organizations on request.

Please contact us today at our ultramodern training school to assess your staffs' training needs.

NIBSS AUTOMATED PAYMENT SYSTEM (NAPS)NIBSS plc desires to strengthen and enhance its bulk payment processing (NEFT) offering, to deliver Ÿ Improved operational efficienciesŸ Handle increased volumes and Ÿ Provide increased functionality to its customers through

the adoption and deployment of the NAPS Platform for inter-bank transactions.

FeaturesŸ NAPS is an integrated multi-bank e-Payment, e-

Collection and Payroll & Biometrics Platform.Ÿ It is designed for the instant processing of payroll,

pension, personnel records, biometrics and execution of funds transfer, direct debit, collections, schedule delivery and payment instructions.

Bene�tsŸ It allows for multiple daily processing sessionŸ Extensive and robust reporting capabilityŸ Instant processing of Bulk paymentsŸ Account number verificationŸ Reversal of wrong paymentsŸ Makes reconciliation easyŸ Provides a platform monitoring module for users

PAYMENT SYSTEM CONSULTINGThe pioneering role of NIBSS Plc in the development of automated processes for cheque processing and settlement of financial transactions in Nigeria imposed enormous responsibilities on NIBSS to guide financial system automation in the banking sector and other African countries whose financial system had not been robustly developed as in Nigeria.

NIBSS offers assistance for hardware sourcing and software development and procurement to African nations that approach it for advisory roles.

NIBSS also assign officials to address conferences, seminars and fora for discussion on financial system upgrade.Several African countries have in recent past visited NIBSS.

PAY AFRICA (CROSS BORDER PAYMENT)The Cross Border Payment initiative is intended to deliver the capability of account-based cross-border payments, which will allow customers of banks in Nigeria to send and receive money to and from banks in other African countries.

NIBSS plc in partnership with Ecobank Transnational Incorporated will be providing three-tiered switching service for transactions that will be initiated from other banks in Nigeria.

This service would be such that a customer would be able to initiate a cross border transaction from their bank's channel(s), have the transaction switched to the local Ecobank (via NIBSS Instant Payment for payment out of Nigeria), and then onward to the Ecobank in the country of destination via ECOBANK Cross Border Capability platform . In the event that the destination bank is not Ecobank, the transaction will be switched to the other bank (via the local Real-Time Gross Settlement System / Automated Clearing House).

Some of the inherent benefits of CBP includes but not limited to the following;Ÿ Integrated Financial InfrastructureŸ Facilitation of Financial Sector DevelopmentŸ Common Payments StandardsŸ Increased economic Activities, local, regional and

domesticŸ Create trust in the security and reliability of payment

systemŸ Improved management of both credit and systemic riskŸ Economic ConsiderationsŸ Improved Socio-economic conditionsŸ Economies of scale resulting in lower transaction cost of

transferring funds across Africa.


PREVIEW

Special Projects and Others Special Projects and Others

SPECIAL PROJECTS AND OTHERS

NIBSS as an enabler in the banking sector, is also engaged in some special projects designed to enhance various aspects of the financial sector. Capacity building, enhancing technical knowledge, improving the integrity of the financial system and laying requisite foundations to support such form part of the special & other projects that NIBSS is currently engaged in.

Some of them are:

BIOMETRICSWith the increasing incidence of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes. Biometrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature etc.

Today, NIBSS PLC is the driver of the Nigerian Financial System Biometric project.

Objective of the projectTo use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer's identity at point of transactions.

FeaturesThe biometric authentication system mainly comprises the following functional units:Ÿ Sensor device - for acquisition of biometric raw dataŸ Feature extractor - to create biometric template for each

individual featureŸ Matcher - to compare the actual biometric template

with the stored reference templatesŸ Reference archive - for storing the biometric reference

templates

Bene�tsŸ Credit Check: Access to individual's credit information

with respect to ratings and total exposureŸ Kyc: Extraction of Kyc details from a centralized database

during account openingŸ Fraud Management: Identification of blacklisted

customers

Ÿ Transaction Processing: To authenticate transactions without the use of cards using only biometric features and PIN

BUSINESS ACTIVITY MONITORING (BAM)NIBSS, in partnership with SIBS International, is ready to provide to the banks real-time business activity information. NIBSS can provide valuable data and business analytics as to the bank's individual contribution to overall performance in comparison to industry figures. This equips banks and other players with the statistical muscle needed to navigate today's complex financial terrain.

Such business analytics include transactional volumes and values, product performance trending (by minute, hours, days or months), industry performance comparisons and many others.

Some of the Products/Services to be monitored for which such information can be provided are;Ÿ NIBSS Instant Payment (NIP)Ÿ Point of Sale (POS)Ÿ Electronic Bills Payment (E-BillsPay)Ÿ ChequeŸ NIBSS Electronic Fund Transfer (NEFT)Ÿ Automated Teller Machine (ATM)

Bene�ts of BAM to banksThe banks will be able to benefit from the following features;Ÿ Access real-time information anytime anywhere

through an internet connection (i.e. NIBSS-Bank VPN connection)

Ÿ Access for multidisciplinary bank teams Ÿ Access to dashboards of banks activity per service Ÿ Drilldown on the KPI's for each service Ÿ Perform comparisons between KPI's from different

channels (e.g. NIP through Internet banking vs Mobile channel)

Ÿ Receive alerts from fall out of the thresholds directed to operational and management teams

Features of the BAM portal Ÿ Web browser graphical interfaceŸ Segregated access profilesŸ Real-time Analysis Ÿ Multiple Angles of Analysis Ÿ Historical Data Comparison Ÿ Predictive Analytics

E-PAYMENT TRAININGNIBSS operates a corporate Training Center, providing specialized Electronic Payments courses for the personnel of Banks, other corporate entities, and government agencies.

We run open courses for interested participants at regular intervals and also organize corporate programs for specific organizations on request.

Please contact us today at our ultramodern training school to assess your staffs' training needs.

NIBSS AUTOMATED PAYMENT SYSTEM (NAPS)NIBSS plc desires to strengthen and enhance its bulk payment processing (NEFT) offering, to deliver Ÿ Improved operational efficienciesŸ Handle increased volumes and Ÿ Provide increased functionality to its customers through

the adoption and deployment of the NAPS Platform for inter-bank transactions.

FeaturesŸ NAPS is an integrated multi-bank e-Payment, e-

Collection and Payroll & Biometrics Platform.Ÿ It is designed for the instant processing of payroll,

pension, personnel records, biometrics and execution of funds transfer, direct debit, collections, schedule delivery and payment instructions.

Bene�tsŸ It allows for multiple daily processing sessionŸ Extensive and robust reporting capabilityŸ Instant processing of Bulk paymentsŸ Account number verificationŸ Reversal of wrong paymentsŸ Makes reconciliation easyŸ Provides a platform monitoring module for users

PAYMENT SYSTEM CONSULTINGThe pioneering role of NIBSS Plc in the development of automated processes for cheque processing and settlement of financial transactions in Nigeria imposed enormous responsibilities on NIBSS to guide financial system automation in the banking sector and other African countries whose financial system had not been robustly developed as in Nigeria.

NIBSS offers assistance for hardware sourcing and software development and procurement to African nations that approach it for advisory roles.

NIBSS also assign officials to address conferences, seminars and fora for discussion on financial system upgrade.Several African countries have in recent past visited NIBSS.

PAY AFRICA (CROSS BORDER PAYMENT)The Cross Border Payment initiative is intended to deliver the capability of account-based cross-border payments, which will allow customers of banks in Nigeria to send and receive money to and from banks in other African countries.

NIBSS plc in partnership with Ecobank Transnational Incorporated will be providing three-tiered switching service for transactions that will be initiated from other banks in Nigeria.

This service would be such that a customer would be able to initiate a cross border transaction from their bank's channel(s), have the transaction switched to the local Ecobank (via NIBSS Instant Payment for payment out of Nigeria), and then onward to the Ecobank in the country of destination via ECOBANK Cross Border Capability platform . In the event that the destination bank is not Ecobank, the transaction will be switched to the other bank (via the local Real-Time Gross Settlement System / Automated Clearing House).

Some of the inherent benefits of CBP includes but not limited to the following;Ÿ Integrated Financial InfrastructureŸ Facilitation of Financial Sector DevelopmentŸ Common Payments StandardsŸ Increased economic Activities, local, regional and

domesticŸ Create trust in the security and reliability of payment

systemŸ Improved management of both credit and systemic riskŸ Economic ConsiderationsŸ Improved Socio-economic conditionsŸ Economies of scale resulting in lower transaction cost of

transferring funds across Africa.


PREVIEW

Special Projects and Others

SQUARE MIISquare Mii is an account number based product that allows enrol lees rece ive and mak e payments through conventional funds transfer channels without revealing their financial institution name and account details to third parties. Enrollees on the service are required to make a one-time registration of their preferred alias (which may be phone nos, e-mail addresses, nicknames, social media handles) mapped to their financial institution account details through their financial institution.

OverviewŸ A centrally hosted database of aliases linked to bank

account details that allows enrollees receive funds in their bank accounts without disclosing their account details.

Ÿ Banks recruit users, and grant them access to Square Mii through the Bank's funds transfer channels.

Ÿ Transfers on Square Me will be on a real-time online basis across banks leveraging on NIBSS' existing infrastructure.

Ÿ Square Mii enrollees are uniquely mapped to their preferred aliases on a first-come, first-serve basis so that no two subscribers can share one alias.

Features & bene�ts of square miiŸ Bank name and account number is not required from

the beneficiary, enrolled alias is sufficient.Ÿ Sender enrollment is not required. Ÿ Simple and easy to useŸ Inter-bank and Inter-scheme operabilityŸ 24/7 availability via conventional funds transfer

channels

Available service channelsSquare Mii will be accessible via conventional banking channels;Ÿ Internet Banking platformsŸ Bank BranchesŸ Mobile Banking Apps


PREVIEW PREVIEW

Special Projects and Others

SQUARE MIISquare Mii is an account number based product that allows enrol lees rece ive and mak e payments through conventional funds transfer channels without revealing their financial institution name and account details to third parties. Enrollees on the service are required to make a one-time registration of their preferred alias (which may be phone nos, e-mail addresses, nicknames, social media handles) mapped to their financial institution account details through their financial institution.

OverviewŸ A centrally hosted database of aliases linked to bank

account details that allows enrollees receive funds in their bank accounts without disclosing their account details.

Ÿ Banks recruit users, and grant them access to Square Mii through the Bank's funds transfer channels.

Ÿ Transfers on Square Me will be on a real-time online basis across banks leveraging on NIBSS' existing infrastructure.

Ÿ Square Mii enrollees are uniquely mapped to their preferred aliases on a first-come, first-serve basis so that no two subscribers can share one alias.

Features & bene�ts of square miiŸ Bank name and account number is not required from

the beneficiary, enrolled alias is sufficient.Ÿ Sender enrollment is not required. Ÿ Simple and easy to useŸ Inter-bank and Inter-scheme operabilityŸ 24/7 availability via conventional funds transfer

channels

Available service channelsSquare Mii will be accessible via conventional banking channels;Ÿ Internet Banking platformsŸ Bank BranchesŸ Mobile Banking Apps


PREVIEW PREVIEW

Plot 1230, Ahmadu Bello WayBar Beach, Victoria Island, Lagos.

Tel: 01-2716071-4 Fax: 01-2716075e-mail: [email protected]

www.nibss-plc.com.ng

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Documents

NIBSSproduct brochure_New