ARTICLE
21 February 2024

Directive To Disconnect Switching Companies, PSSPs, And SAs From NIP Outwards System

AO
Aluko & Oyebode

Contributor

Aluko & Oyebode, a leading and full service international practice, provides timely and solution driven services to its clients across key markets in Europe, Asia, Sub-Saharan Africa, North and South America.

Our practice areas encompass the full range of corporate & commercial legal services, including banking & finance, dispute resolution, telecommunication, intellectual property, energy & natural resources, project finance, real property, taxation and privatization. The firm complements its corporate and commercial legal services with a robust litigation and Alternative Dispute Resolution (ADR) practice.

Our offices are located in the key commercial centres of Nigeria, namely Lagos, Abuja and Port Harcourt. The firm is made up of 24 partners and over 150 Senior Associates and Associates.

On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks
Nigeria Finance and Banking

On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (MMOs) to delist non-deposit-taking financial institutions (NDFIs) such as switching and processing companies, Payment Solution Service Providers (PSSPs), and Super Agents (SAs) as beneficiary institutions on their respective NIP funds transfer channels.

Click Here to read the full alert.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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