![]() ![]() A NEFT transaction could either be inward or outward too.Ī Cheque is a document that orders a bank to pay a specific amount of money from a person’s account to the person (the payee) in whose name the cheque has been issued. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. NEFT is a payment system facilitating one-to-one funds transfer. NEFT (National Electronic Funds Transfer) It is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria. It was set up by the Bankers Committee in 1992, incorporated in 1993 as a Shared-Service infrastructure for facilitating payments finalities, streamlining Inter-bank payments and settlement mechanisms, to drive and promote Electronic Payments across the Nigerian Financial Industry. ![]() NIBSS stands for Nigeria Inter-Bank Settlement System. It is designed for the instant processing of payroll, pension, personnel records and execution of funds, transfer, direct debit, collections, schedule delivery and payment instructions. NAPS is an integrated multi-bank e-Payment, e-Collection and Payroll & Bulk payment Platform. To a bank, NIBSS Instant Payment can either be inward or outward. NIP is majorly offered via a bank’s internet banking, mobile and bank branch platforms for individuals and body corporates. It is the only point to point funds transfer service that guarantees instant value to the beneficiary. NIP is an e-payment solution designed by NIBSS to service the banking industry. ![]()
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