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Cost Of Transferring Between Banks To Reduce From July 1, 2023

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Transferring Between Banks

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The cost of transferring between Banks is set to reduce effective from July 1, 2023.

This is according to a report by the Nigerian Inter-Bank Settlement System that recently made a decision to slash its transaction processing fee from N5 to N3.75k.

According to NIBSS, it was reducing its fees to drive financial inclusion and support innovation.

In a document signed by the Managing Director/Chief Executive Officer, Premier Oiwoh, and the Executive Director, Business Development, Ngover Ihyembe-Nwankwo, read “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 N3.75k effective July 1, 2023.

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“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.”

On its website, the NIBSS stated, “NIBSS Instant Payments is an efficient person-to-person; a person-to-business; business-to-business funds transfer service that guarantees instant value to beneficiaries.”

The NIBSS enables financial transfers in the country, and the NIP is what ensures that anyone can get a transferred sum instantly.

The founder of Lendsqr, Adedeji Olowe, transfer fees were unlikely to reduce despite the NIBSS’s best intentions.

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He said, “The truth is, the impact would be nothing except the Central Bank compels banks to reduce pricing.”

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