Banks that operate within the shores of Nigeria would no longer charge as much as they used to for transactions. This is as the Nigerian Inter-Bank Settlement System, NIBSS, reviewed its charges.
In a letter cited by BizWatch Nigeria, NIBSS addressed payment solution service providers in the country, disclosing to them that it was reducing its fees to drive financial inclusion and support innovation.
“We are delighted to inform you that the board and management of Nigeria Inter-Bank Settlement Plc has approved a further reduction in the transaction processing fees on NIBSS Instant Payment from N5 to ₦3.75k effective July 1, 2023.
“In line with our commitment to drive financial inclusion and support innovation, we are also embarking on a volume-driven discount regime to complement this fee reduction and further details will be communicated in due course,” the statement quoted the Managing Director/Chief Executive Officer, Premier Oiwoh, and the Executive Director, Business Development, Ngover Ihyembe-Nwankwo, as saying.
Why this matter matter
This publication understands that financial institutions in the country charge a minimum of N10 as the charge required to process transactions for their customers.
With the review of this charge, it is expected that people would be encouraged to use banks more, and subsequently accelerating Nigeria’s financial inclusion drive.
Recall that in February, the NIBSS revealed that the value of e-payment transactions in February 2023 fell to ₦37.67 trillion.
This figure is 4.83 percent lower than the ₦39.58 trillion recorded in January 2023.
