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One of Nigeria’s leading financial services providers, OPay has sent a message to it’s customers regarding the safety of their funds. Last week, the Central Bank of Nigeria (CBN) barred some online microfinance banks from opening new accounts and accepting new customers. The affected microfinance banks include: Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. […]
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Mobile Money Operators (MM0s) and Financial Technology firms including Opay and PiggyVest have reacted to the new directives from the Nigeria Inter-Bank Settlement System (NIBSS) for banks to remove Payment Solution Service Providers (PSSPs), Switches and Super Agents from its outward transfer list. NIBSS in a circular with reference number, NIBSS/BD/NUP0/005/051723, directed banks to disconnect […]
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The Nigeria Interbank Settlement System Plc (NIBSS) has ordered Nigerian banks to disengage all non-deposit-taking financial entities from their Nigerian Interbank Payment (NIP) outward fund transfer channels. According to Nairametrics, the institutions defined in the directive as “Switching Companies (Switches), Payment Solution Service Providers (PSSPs), and Super Agents (SA),” are integral to the nation’s digital […]
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