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Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994.
NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
The Board of Nigeria Inter-Bank Settlement System Plc (NIBSS) is composed of the Deputy Governor, Financial System Stability of the Central Bank of Nigeria as the Chairman, representatives of Banks as Directors, Executive Directors and the Managing Director/CEO, who heads Executive Management group of the organisation.
Nigeria Inter-Bank Settlement System Plc (NIBSS) operation is supported with the best Information, Communication and Technology infrastructure for Automated On-line operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services. Operational and Credit Risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.
Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. The Board consists of the Deputy Governor, Financial System Stability, Central Bank of Nigeria, as the Chairman and Representatives of the stipulated Banks.