Mobile Money Operators (MM0s) and Financial Technology firms have reacted to the new directives from the Nigeria Inter-Bank Settlement System (NIBSS) for banks to remove Payment Solution Service Providers (PSSPs), Switches and Super Agents from its outward transfer list.
NIBSS in a circular with reference number, NIBSS/BD/NUP0/005/051723, directed banks to disconnect PSSPs, Switching Companies (Switches) and Super Agents from NIBSS Instant Payment (NIP) Outwards System.
NIBSS said non-deposit financial institution using the NIP were doing so in contravention of the Central Bank of Nigeria guideline.
The development led to panic from customers who deposited their monies in MMO like Piggyvest and Opay.
“Kindly note that PiggyVest is not affected by the recent NIBSS circular. Please disregard the misinformation.
“All PiggyVest virtual account numbers are provided by our licensed partners and do not fall into any of the listed categories. Your funds remain safe,” PiggyVest said while responding to panic.
“The focus is on Payment Service Solution Providers, Switches and Super Agents.
“OPay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with OPay.”
Kuda Bank said it is not affected by the recent circular from NIBSS.
“The circular mentions ‘Switches, Payment Service Solution Providers and Super Agents.’ We’re a licensed microfinance bank, so we don’t belong to any of the groups mentioned. Your money remains safe with us.”
Similarly, Cowrywise said, “The changes do not affect Cowrywise in any way, and your funds are safe and accessible as always.”