Nigeria · Account Transfer · Est. 2011
Nigeria's NIBSS Instant Payment system is the backbone of real-time interbank transfers in Africa's largest economy, operated by Nigeria Inter-Bank Settlement System (NIBSS). NIP enables 24/7 instant account-to-account transfers across all banks and fintech providers via account number, phone number, or BVN (Bank Verification Number). With over 200M people and a booming fintech ecosystem (OPay, PalmPay, Kuda, Moniepoint), NIP processes billions of transactions annually and is central to Nigeria's cashless policy. It also powers popular consumer apps and the NQR (NIBSS QR) standard for merchant payments.
NIP is Nigeria’s real-time payment system (Account Transfer), launched in 2011. Nigerias NIBSS Instant Payment system is the backbone of real-time interbank transfers in Africas largest economy, operated by Nigeria Inter-Bank Settlement System (NIBSS).
NIP processed 10.3 billion transactions worth $547.5bn in 2025, a year-on-year change of +25.6%.
NIP is operated by NIBSS, with instant settlement.
NIP launched in 2011, and today has 200 participating institutions.
NIP is primarily an account-to-account transfer system.
Data source: NIBSS.
| Capability | Status |
|---|---|
| QR Code Payments | ◐ |
| Wallet Support | — |
| 24/7 Availability | ✓ |
| Cross-Border | — |
| ISO 20022 | — |
| Request to Pay | — |
| Open API | ◐ |
| Alias/Proxy | — |