NIBSS Instant payment: How to send money from your bank account to any bank account in Nigeria

As a bank account owner who is a registered account holder with Nigerian banks, you can make bank transfers and transactions that will require you to send money to other account holders. Most times, you send money to persons who are account holders with your bank. At one point or the other, the need to send money to people who have accounts with other banks in Nigeria.

An inter-bank transaction is a fund transfer channel through which money is sent and transferred to persons from your bank account to bank other accounts of people living within or outside your country. Have you ever made bank transactions that will require you to make inter-bank money transfers? Have you ever found yourself in a situation where you need to transfer and send money to any bank in Nigeria? If yes, this post is for you. In this article, you will know about how to send money from your local and domestic bank account to any bank account in Nigeria.

What is NIBSS?

NIBSS is an acronym that stands for Nigeria Inter-Bank Settlement System Plc. NIBSS was eastablished as a result of the decision of the Bankers Committee in 1992, to have a structure that will facilitate payments, promote elctronic payments as well as supporting inter-bank payments and transfers in banks across the Nigerian finance industry. The NIBSS was incorporated in April 1993 and it is jointly owned by all the licensed and regulated banks in Nigeria including the apex bank, which is the Central Bank of Nigeria (CBN).

They started business operations in June 1994 and since then they have eliminates inter-bank transfer barriers and hindrances in the banking industry by designing a platform that makes it possible for people to make electronic funds transfer to any bank in Nigeria.

NIBSS Instant Payment

NIBSS Instant Payment (NIP) is an e-payment innovation designed by NIBSS for the Nigerian banking industry to improve the circulation of money among Nigerian banks. The invention of the NIBSS Instant Payment (NIP) has placed Nigeria in a frontlining position to come up with this type of innovation. The NIBSS Instant Payment is offered by banks through online banking/internet banking, bank branch platform and the banks’ branch network.

NIP is an electronic funds’ transfer method by which money can be made from your bank account to another bank account through the use of internet connected computer systems. Before, making a banking transaction from Diamond Bank to another bank like GTBank can take days before the transaction is completed but with NIP, such payment is instant because the receiver/beneficiary will receive the money fast.

Can I Send Money To Any Bank Account In Nigeria?

Yes, you can. You can send money to any bank account in Nigeria through the NIBSS Instant Payment transfer option. This transaction is an Inter-bank credit transfer and it takes place among multiple banks in Nigeria.

How To Make An Instant Transfer With The Instant Payment Settlement Method?

The steps to send money and make transfer with to any bank in Nigeria are;

Step 1: :Log in to your bank online platform

Step 2: Select the Instant Transfer method, which is NIP Transfer method.

Step 3: Follow the instructions outlined by your bank until the transaction is completed

NOTE: Do not select the NEFT option, for fast and instant transfer, select the NIP transfer method.