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

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.

“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.

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